Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to: (1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures; (2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated; (3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and (4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state. Defines "beneficial owner" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity.
Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs.
Requires the Comptroller General to study and report to the House Committee on Homeland Security and the Senate Committee on Homeland Security and Governmental Affairs on: (1) state requirements for the disclosure of beneficial ownership information; (2) whether the lack of such information has impeded investigations into entities suspected of terrorism, money laundering, and other criminal activities; and (3) whether the failure to require beneficial ownership information for partnerships and trusts formed or registered in the United States has elicited international criticism and what steps the United States has taken or is planning to take in response.