Incorporation Transparency and Law Enforcement Assistance Act

Summary

Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to: (1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures; (2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated; (3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and (4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state. Defines "beneficial owner" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity. Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs. Requires the Comptroller General to study and report to the House Committee on Homeland Security and the Senate Committee on Homeland Security and Governmental Affairs on: (1) state requirements for the disclosure of beneficial ownership information; (2) whether the lack of such information has impeded investigations into entities suspected of terrorism, money laundering, and other criminal activities; and (3) whether the failure to require beneficial ownership information for partnerships and trusts formed or registered in the United States has elicited international criticism and what steps the United States has taken or is planning to take in response.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 March 2009

   Introduced

   Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text of measure as introduced: CR S3029-3030)

   Source: IntroReferral

2. 11 March 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S3026-3029)

   Source: IntroReferral

3. 11 March 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 5 November 2009

   Committee

   Committee on Homeland Security and Governmental Affairs. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 11 March 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 March 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 March 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 11 March 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. McCaskill, Claire [D-MO] · D · Sponsor
• · ssga00 · Standing

Related records

• related to → Incorporation Transparency and Law Enforcement Assistance Act