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Code · BILL · 118th Congress · H.R. 11 (Introduced in House) — To expand Americans’ access to the ballot box and reduce the influence of big money in politics, and for other purposes. · Sec. 3801

Sec. 3801. Findings relating to illicit money undermining our democracy

328 words·~1 min read·/bill/118/hr/11/ih/section-3801

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Congress finds the following: Criminals, terrorists, and corrupt government officials frequently abuse anonymously held Limited Liability Companies (LLCs), also known as shell companies , to hide, move, and launder the dirty money derived from illicit activities such as trafficking, bribery, exploitation, and embezzlement. Ownership and control of the finances that run through shell companies are obscured to regulators and law enforcement because little information is required and collected when establishing these entities.
The public release of the Panama Papers in 2016 and the Paradise Papers in 2017 revealed that these shell companies often purchase and sell United States real estate. United States anti-money laundering laws do not apply to cash transactions involving real estate, effectively concealing the beneficiaries and transactions from regulators and law enforcement. Since the Supreme Court’s decisions in Citizens United v. Federal Election Commission, 558 U.S. 310 (2010), billions of dollars have flowed into super PACs through LLCs whose funders are anonymous or intentionally obscured.
Criminal investigations have uncovered LLCs that were used to hide illegal campaign contributions from foreign criminal fugitives, to advance international influence-buying schemes, and to conceal contributions from donors who were already under investigation for bribery and racketeering. Voters have no way to know the true sources of the money being routed through these LLCs to influence elections, including whether any of the funds come from foreign or other illicit sources.
Congress should curb the use of anonymous shell companies for illicit purposes by requiring United States companies to disclose their beneficial owners, strengthening anti-money laundering and counter-terrorism finance laws. Congress should examine the money laundering and terrorist financing risks in the real estate market, including the role of anonymous parties, and review legislation to address any vulnerabilities identified in this sector. Congress should examine the methods by which corruption flourishes and the means to detect and deter the financial misconduct that fuels this driver of global instability.
Congress should monitor government efforts to enforce United States anticorruption laws and regulations.
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  • 558 U.S. 310
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Sec. 3801
Findings relating to illicit money undermining our democracy
SCOTUS558 U.S. 310
Cites 1Cited by 0 across 0 sources
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