Incorporation Transparency and Law Enforcement Assistance Act
Latest action · Aug 1, 2013 Read twice and referred to the Committee on the Judiciary.
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 1, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Omnibus Crime Control and Safe Streets Act of 1968, in order to protect the United States from misuse affecting interstate or foreign commerce of corporations and limited liability companies with hidden owners, to require states receiving funding under the Edward Byrne Memorial Justice Assistance Grant Program 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 applicants or 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 4
Members who signed on, in the order they did. Signatures ran from Aug 1, 2013 to Jan 8, 2014, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Chuck Grassley | Original | Aug 1, 2013 |
| D-CA | Dianne Feinstein | Original | Aug 1, 2013 |
| D-IA | Tom Harkin | Original | Aug 1, 2013 |
| D-RI | Sheldon Whitehouse | Jan 8, 2014 |
Actions 3
Everything that happened, newest first.
- Aug 1, 2013Introduced in Senate
- Aug 1, 2013Read twice and referred to the Committee on the Judiciary.
- Aug 1, 2013Sponsor introductory remarks on measure. (CR S6229-6235)
Subjects
Assigned by the Library of Congress. Policy area: Crime and Law Enforcement.
- Administrative law and regulatory procedures
- Business records
- Civil actions and liability
- Congressional oversight
- Corporate finance and management
- Crime and Law Enforcement
- Criminal investigation, prosecution, interrogation
- Currency
- Department of the Treasury
- Fraud offenses and financial crimes
- Government information and archives
- Government studies and investigations
- 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 1, 2013Introduced 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.