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Civic leaders & CEOs from The B Team urge US Congress to support legislation to curb use of anonymous companies
Author: 12 civic leaders & CEOs from The B Team, Published on: 6 May 2019
"US government action on anonymous companies is crucial in global effort to fight corruption," 30 April 2019
We are writing to express our support for the Corporate Transparency Act of 2019 recently proposed in the 116th Congress... The significant benefits of disclosing [beneficial ownership] information far outweigh any incremental cost... In its current form, the bill provides a much needed basic level of accountability regarding corporate ownership without creating a costly burden on business... Beneficial ownership information will provide greater assurance for companies when entering business relationships, offer a tool for mitigating risk throughout our supply chains and give management and our investors more certainty when addressing risk and allocating capital... The collection of beneficial ownership information in the United States would contribute to ending the anonymous companies that make it so hard to follow the money when it comes to corruption, fraud, and tax evasion.
... We write to urge you to support this legislation to require the collection of beneficial ownership information. As business leaders, we believe that clarity on company ownership is critical. It makes the United States and US firms competitive, helps law enforcement prevent, detect and prosecute financial crime and builds the transparency and trust that benefit both society and business. [Refers to Allianz, Chobani, Danone, Engie, Kering, Natura & Co, Safaricom Plc, Unilever & Virgin Group]