The Incorporation Transparency and Law Enforcement Assistance Act (HR4450), which requires that extensive beneficial ownership information on corporations and LLCs be kept by the states, businesses & their attorneys, and which is generally considered to be groundbreaking legislation, in the field of anti-money laundering and countering terrorist financing, is being opposed by the legal community, on multiple grounds.
Readers who have an interest in this legislation, may want to read the letter that the American Bar Association delivered to the US Congress, detailing its position. A copy of the letter, which is signed by ABA President Paulette Brown, may be accessed here.
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