Levin Amendment to Reduce Government Bureaucracy and Fight Financial Crimes Passes House

October 22, 2019
Press Release

An amendment authored by Congressman Andy Levin (D-MI) to improve government agencies’ ability to fight financial crimes passed the House of Representatives today. The amendment, which was included as part of the Corporate Transparency Act, will help prevent bad actors from abusing anonymous shell companies to thwart law enforcement investigations and hide their illicit activities.

“This simple amendment will ensure the Department of Treasury can share information about trends in financial crimes so that law enforcement can better root out illegal activity,” said Rep. Levin. “My amendment will help catch bad actors who otherwise might fly under the radar – while still protecting personal privacy.”

The amendment allows the Treasury Department’s Financial Crimes Enforcement Network to make public information about financial crimes that may indicate trends in criminal activity. An example of a trend could be the use of real estate shell companies to launder money. If the Treasury Department can flag those trends for law enforcement and industry, it may catch bad actors who otherwise may have subverted authorities.

The amendment also protects privacy by ensuring that information shared does not contain personally identifiable information.

The Corporate Transparency Act would require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities.