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If enacted, the Incorporation Transparency and Law Enforcement Assistance Act (S. 1483), which was introduced on August 2, 2011, would require persons forming corporations and limited liability companies in the United States to disclose the beneficial owners of those entities. The bill is intended to protect the United States from wrongdoing by terrorists and other criminals, strengthen law enforcement investigations, set minimum standards for state formation practices, and bring the United States into compliance with international anti-money laundering and anti-terrorist financing standards.
Generally, the bill would amend the Homeland Security Act of 2002 to require identification of beneficial owners by providing unique identifying numbers from passports, drivers licenses or state issued identification cards and would prohibit bearer share entities. While certain financial institutions would be exempt from the beneficial ownership disclosure requirements, private investment funds formed as limited liability companies and their managers may not qualify for an exemption. A copy of S. 1483 can be found here.
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