A trade association that represents the largest U.S. commercial banks is backing legislation aimed at ending anonymous shell companies, The Hill reported today. "We believe the bill would assist public sector efforts to identify money laundering and terrorist financing through the disclosure of the beneficial owners of corporations," The Clearing House Association said in a letter on Monday to the sponsors of the legislation: Sen. Chuck Grassley (R-Iowa), Sen. Sheldon Whitehouse (D-R.I.), Rep. Pete King (R-N.Y.) and Rep. Carolyn Maloney (D-N.Y.). Under current law, companies do not have to disclose to state governments their true owners at the time that they are incorporated. The legislation would require companies to report ownership information at the time of incorporation and when there is a change in ownership.
