House Vote Heralds End to Secret Companies

The U.S. House of Representatives on Tuesday passed with a veto-proof majority the conferenced version of the National Defense Authorization Act (NDAA), which included a title focused on ending anonymous companies, the Corporate Transparency Act. The U.S. Senate is expected to pass the measure later this week. Susan Harley, managing director of Public Citizen's Congress Watch division, released the following statement:

"Decades in the making, the House yesterday moved the country a huge step forward toward accountability, security and transparency by fixing the problem of secret shell companies incorporated in the U.S. When the NDAA becomes law, no longer will money launderers, fraudsters or terrorists be able to abuse the shroud of anonymous corporations to hide their dirty deeds because the names and identification information for corporations' beneficial owners will be kept on file with the government.

"Allowing law enforcement officials to know who owns a company may be common sense, but it's refreshing to see Congress acting in a bipartisan way to further corporate accountability. Kudos to our partners in this fight - both on the Hill and in civil society - for this long-fought win."