Shell Company Abuse Act

Hozzl · 2023-01-11T13:47:10Z

Explore the details of House Bill 1279 Shell Company Abuse Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Crime and Law Enforcement. Stay informed on legislative developments.

1/11/2023, 1:47 PM

Summary of Bill HR 1279

Bill 117 HR 1279, also known as the Shell Company Abuse Act, is a piece of legislation introduced in the US Congress aimed at addressing the issue of shell companies being used for illicit activities such as money laundering and tax evasion.

The bill seeks to increase transparency and accountability in the corporate world by requiring companies to disclose their true owners and beneficiaries. This would help law enforcement agencies and regulatory bodies to track down individuals who are using shell companies to hide their assets and engage in illegal activities.

Additionally, the Shell Company Abuse Act would establish a registry of beneficial ownership information, which would be accessible to law enforcement agencies, financial institutions, and other relevant parties. This registry would help to prevent the misuse of shell companies for criminal purposes and ensure that companies are held accountable for their actions. Overall, the goal of Bill 117 HR 1279 is to crack down on the abuse of shell companies and strengthen the integrity of the US financial system. By increasing transparency and accountability, the legislation aims to protect against financial crimes and promote a more fair and just business environment.

Congressional Summary of HR 1279

Shell Company Abuse Act

This bill makes it unlawful to establish or use a corporation, company, or other entity with the intent to conceal an election contribution or donation by a foreign national.

A violator is subject to criminal penalties—a fine, a prison term of up to five years, or both.

Read the Full Bill

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Current Status of Bill HR 1279

Bill HR 1279 is currently in the status of Bill Introduced since February 24, 2021. Bill HR 1279 was introduced during Congress 117 and was introduced to the House on February 24, 2021. Bill HR 1279's most recent activity was Referred to the Subcommittee on Crime, Terrorism, and Homeland Security. as of April 28, 2021

Bipartisan Support of Bill HR 1279

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 1279

Primary Policy Focus

Crime and Law Enforcement

Potential Impact Areas

Business ethicsCorporate finance and managementCriminal procedure and sentencingElections, voting, political campaign regulation

Alternate Title(s) of Bill HR 1279

Shell Company Abuse ActTo amend title 18, United States Code, to prohibit the establishment of a corporation to conceal election contributions and donations by foreign nationals.Shell Company Abuse Act

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