Defense

US bans anonymous shell companies, passing ‘historic’ anti-corruption legislation

By Callie Patteson
Published January 2, 2021 1:43am ET
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US bans anonymous shell companies, passing ‘historic’ anti-corruption legislation
Members Congress clinb the steps of the House of Representatives for final votes, at the Capitol in Washington, Thursday, July 31, 2014. Congress ran full-tilt into election-year gridlock over immigration Thursday and staggered toward a five-week summer break with no agreement in sight on legislation to cope with the influx of young immigrants flocking illegally to the United States. (AP Photo/J. Scott Applewhite) | (AP Photo/J. Scott Applewhite)

The United States banned anonymous shell companies through the defense bill vetoed by President Trump last month but passed in Congress on Friday.

The new legislation will require companies to report their real owners or “beneficial ownership” to the Treasury Department’s Financial Crimes Enforcement Unit.

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