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Charlie Crist

10/22/2019 | Press release | Distributed by Public on 10/22/2019 17:54

CRIST PRAISES HOUSE PASSAGE OF CORPORATE TRANSPARENCY ACT

Washington, DC - U.S. Representative Charlie Crist (D-St. Petersburg) released the following statement on House passage of H.R. 2513, the Corporate Transparency Act of 2019. The bipartisan bill which was passed 249-173, closes the shell corporation loophole by requiring identification of the actual person or persons who stand to gain financially from the arrangement. This 'beneficial ownership' legislation will make it harder for terrorists, human traffickers, corrupt officials, and other criminals to hide, launder, move, and use money.

'Each year, nearly two million corporations are formed in the U.S., often requiring less information about the owner of the corporation than is needed to open a bank account or obtain a driver's license. Unfortunately, this has allowed bad actors to exploit our laws - establishing shell companies that are used as a vehicle for money launderers, terrorists, and human traffickers to conceal their nefarious activities,' said Rep. Crist. 'Today, the People's House passed legislation to bring dirty money into the sunlight, ending this threat to our national security and making Pinellas families safer.'


The Corporate Transparency Act has been endorsed by a broad coalition of anti-trafficking, small business, human rights, faith, unions, business, and law enforcement groups. A full list can be found here.