Corporate Law News

BGOV Bill Summary: H.R. 2513, Shell Companies & Laundering (1)

Oct. 16, 2019, 7:09 PMUpdated: Oct. 22, 2019, 3:13 PM

Shell companies and similar entities would have to disclose their true beneficial owners under a modified version of H.R. 2513.

The rule for floor debate on the bill would automatically add provisions from a separate measure (H.R. 2514) that would expand Treasury Department programs to curb money laundering and modify financial institution reporting requirements. The money laundering measure would update the Bank Secrecy Act (BSA; Public Law 91-508) by:

  • Requiring thresholds for financial institution reports on cash transactions to be adjusted for inflation.
  • Expanding BSA penalties and Treasury Department enforcement tools.
  • Promoting the use of innovative...
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