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World’s Largest Banks Support Reforms to End Anonymous Companies

The Clearing House Association—representing the world’s largest commercial banks—sent a letter to Congressional lawmakers supporting strong measures to crack down on the abuse of anonymous companies.  The group, which counts among its owners Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, explicitly endorses the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450, S.2489). (Via the FACT Coalition)

Fair Share has been working to close loopholes that allow anonymous companies. Anonymous shell companies have been used to finance human trafficking rings, defraud local government, launder bribes, skirt international sanctions and fund Super PACs. Even if we know there are crimes being committed, law enforcement has trouble figuring out who to arrest, as the identities of the criminals are shielded by layer after layer of anonymous companies.

Earlier this month, Fair Share Education Fund released a report detailing how these companies are used in opioid trafficking.

Banks, who see a lot of transactions involving shell companies, offered this in their letter: "We can see no justification for allowing corporations to shield their ownership."