For over a decade, there have been calls in Congress to address shadowy corporate entities, known as shell companies, that are considered a cornerstone of fraud, corruption, and money laundering.
These companies help unsavory characters and organizations hide wealth or use the proceeds of crime to buy up legitimate assets ranging from a condo to an entire building on Fifth Avenue in Manhattan, and the US is one of the easiest jurisdictions in the world for setting them up. Startlingly, these entities can require less disclosure than getting a library card.
Now, legislation that would force disclosure of who owns a company registered in the US has once again advanced in Congress. Its fate is uncertain, but interested parties agree this is the strongest chance yet for reforms to pass.
The final push comes as BuzzFeed News and the International Consortium of Investigative Journalists, in the FinCEN Files investigation, have exposed the vast amounts of dirty money washing through the US economy and how shell companies help foster that flow.
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