US Bans Anonymous Shell Companies in $740B Defense Bill

The US government on Friday adopted legislation that bans anonymous shell companies by forcing firms to report their true owners.

The ban was included in a $740 billion defense bill vetoed by President Trump last month. Senators voted 81-13 on Friday to override Trump, after the House did so Monday.

Under the new policy, US-registered companies will have to report to the government their real owners, rather than cite other corporate entities designed to conceal that information.

Anti-money laundering advocates celebrated the development.


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Jay Papasan is the vice president of publishing and executive editor at Keller Williams Realty, Inc. In 2003, with the release of The Millionaire Real Estate Agent, co-authored by Gary Keller and Dave Jenks, Papasan became a best-selling author when the book spent time on BusinessWeek’s best-seller list.

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