For Immediate Release
Lydia Andrews, Deputy Director
Over 20 State Attorneys General Call for Shell Company Transparency
WASHINGTON - 24 State Attorneys General wrote to Congress supporting action to disclose the actual owner of a shell company to law enforcement. "Anonymous" shell companies can be used to hide the identity of the owner.
"Shell companies are used by corrupt government officials to steal money from their people and hide the identities of people involved in the modern day human slave trade," stated Jubilee USA Executive Director Eric LeCompte who serves on United Nations financial expert groups.
The Attorneys General letter raises concerns of how shell companies are sometimes used. "The use of anonymous shell companies by those engaged in human trafficking, drug dealing, and other crimes, allows criminals to launder and spend money attained through criminal activity without accountability," wrote the Attorneys General.
"Shell companies provide vehicles for tax evasion and corruption that contribute to an annual trillion dollar loss to developing world," said LeCompte.
Read the Attorneys General Letter here.
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.
Please select a donation method: