GHOST Act

The GHOST Act, also known as Bill 118 s 3682, is a piece of legislation introduced in the US Congress aimed at combating the use of shell companies for illicit activities. The acronym GHOST stands for "Greater Oversight of Shells and Transactions Act."

The main purpose of the GHOST Act is to increase transparency and accountability in the financial system by requiring companies to disclose their true owners. This is intended to prevent criminals and terrorists from using shell companies to hide their identities and engage in illegal activities such as money laundering and tax evasion.

Under the GHOST Act, companies would be required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury. This information would include the names, addresses, and identification numbers of the individuals who ultimately own or control the company. The GHOST Act also includes provisions to strengthen the enforcement of anti-money laundering laws and improve coordination between law enforcement agencies and financial institutions. Additionally, the bill calls for increased penalties for individuals and companies found to be in violation of the new reporting requirements. Overall, the GHOST Act is seen as a crucial step towards closing loopholes in the financial system that allow criminals to operate with impunity. Supporters of the bill argue that increased transparency will help law enforcement agencies track and prosecute those who seek to exploit the system for illegal gain.