The Senate Committee on Homeland Security and Governmental Affairs yesterday heard impassioned testimony regarding a Senate bill aimed at forcing states to gather beneficial ownership information during the company incorporation process. The heated nature of the hearing was hardly surprising since the bill in question, the Incorporation Transparency and Law Enforcement Assistance Act (S 569), is beloved by law enforcers and loathed by lawyers and others involved in the incorporation process.
As Complinet readers may recall, S 569, the second iteration of a bill introduced during the last Congress, was introduced in March by Senators Carl Levin (D-MI), Chuck Grassley (R-IA) and Claire McCaskill (D-MO). Levin and McCaskill are members of the Committee on Homeland Security and Governmental Affairs. Some anti-money laundering practitioners have told Complinet they would welcome this, or any other legislation that makes it easier to obtain beneficial ownership information.
During yesterday's
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