The Corporate Transparency Act (H.R. 2513) is the first bill of its kind to see a floor vote in Congress... The legislation marks an unprecedented step forward in global efforts to combat corruption and crime facilitated by companies with hidden owners and the U.S. financial system as well. This milestone comes on the heels of a positive Statement of Administrative Policy from the White House, as well as a comprehensive Senate bill introduced last month by a bipartisan group of Senators to the Banking Committee, which includes similar beneficial ownership disclosure requirements... “We have a real opportunity here to fill a major gap in our country’s anti-money laundering framework. We are eager to see the House advance this critical, cross-partisan effort to stand up against criminals, kleptocrats and fraudsters that use the U.S. as a haven for their dirty money,” said Alexandria Robins, a policy officer with Global Witness.

... [The] Act now moves on to the Senate alongside another important piece of legislation, the COUNTER Act (H.R.2514). The COUNTER Act would foster a wide range of additional reforms to the U.S. anti-money laundering measures used by financial institutions and law enforcement to detect and deter illicit finance and related crimes.