Incorporation Transparency and Law Enforcement Assistance Act
Latest action · May 24, 2012 Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedAug 2, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to require states receiving funding under such Act to prevent terrorism to: (1) use an incorporation system that requires applicants for forming corporations or limited liability companies (corporations), and corporations that have formed, to provide and update lists of their beneficial owners; (2) maintain beneficial ownership information for five years after the corporation terminates; and (3) provide such information pursuant to certain criminal, civil, or administrative requests.
Authorizes such a state that maintains a formal licensing system for formation agents to permit such applicants or corporations to provide such information to such an agent residing in that state instead of to that state directly. Requires such an agent to certify verification of specified identifying information for corporation owners or officers who do not have a non-expired United States-issued passport, drivers license, or identification card.
Specifies exempt entities. Prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated information.
Requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulation to require any contractor subject to the requirement to disclose beneficial ownership information under this Act to provide the information to the federal government as part of any bid for a contract with a value exceeding the simplified acquisition threshold.
Directs the Secretary of the Treasury to promulgate a rule requiring persons engaged in the business of forming corporations to establish anti-money laundering programs.
Requires the Comptroller General to report on: (1) the extent to which states enable persons to form partnerships, trusts, charitable organizations, or other legal entities under state law and require such persons to provide beneficial owner information; and (2) the effectiveness of incorporation practices implemented under this Act in aiding law enforcement.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Aug 2, 2011 to Jul 9, 2012; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Chuck Grassley | Original | Aug 2, 2011 |
| D-IA | Tom Harkin | Jul 9, 2012 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Homeland Security and Governmental Affairs Committee | Referred Aug 2, 2011 |
| Senate | Foreign Relations Committee | Hearings May 24, 2012 |
Actions 4
Everything that happened, newest first.
- May 24, 2012Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602.
- Aug 2, 2011Introduced in Senate
- Aug 2, 2011Sponsor introductory remarks on measure. (CR S5255-5260)
- Aug 2, 2011Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S5255–S5259Summaries S5259 | Carl Levin D-MI | Aug 2, 2011 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 112-602 | IVORY AND INSECURITY: THE GLOBAL IMPLICATIONS OF POACHING IN AFRICA68 pages | Foreign Relations Committee | May 24, 2012 |
| S. Hrg. 112-403 | S. Hrg. 112-403 TEN YEARS AFTER 9/111,362 pages | Homeland Security and Governmental Affairs Committee | Mar 30, 2011–Nov 2, 2011 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45798 | Beneficial Ownership Transparency in Corporate Formation, Shell Companies, Real Estate, and Financial Transactions Archived | Report | Jul 8, 2019 |
| R41547 | Organized Crime: An Evolving Challenge for U.S. Law Enforcement Archived | Report | Jan 11, 2013 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3416 | Incorporation Transparency and Law Enforcement Assistance Act | Related bill | Nov 16, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations in ways that threaten homeland security, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.
- Short Titles as Introduced
- Incorporation Transparency and Law Enforcement Assistance Act
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Administrative law and regulatory procedures
- Business records
- Civil actions and liability
- Commerce
- Congressional oversight
- Corporate finance and management
- Criminal investigation, prosecution, interrogation
- Currency
- Department of the Treasury
- Fraud offenses and financial crimes
- Government information and archives
- Immigration status and procedures
- Licensing and registrations
- Office of Management and Budget (OMB)
- Public contracts and procurement
- Terrorism
Text 1
Each version as it was printed, newest first.
- Aug 2, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
