Senate Hearing on Beneficial Ownership Information Collection

• •The hearing was held on June 20, 2019, in the Dirksen Senate Office Building.
• •The committee examined the impact of collecting beneficial ownership information at the time of company formation.
• •The discussion addressed the use of anonymous shell companies in money laundering, terrorist financing, and sanctions evasion.
• •The committee evaluated methods for collecting and periodically updating beneficial ownership data.
• •The hearing addressed privacy concerns and the security of collected ownership information.
• •Witnesses included representatives from the Bank Policy Institute, the National Federation of Independent Business, and the Financial Accountability and Corporate Transparency Coalition.
• •Numerous organizations submitted letters for the record, including the American Bar Association, the Fraternal Order of Police, and the National Association of Manufacturers.

This hearing explored legislative proposals to require companies to disclose their true owners to the government, a change that would impact how businesses are formed and how banks and law enforcement track illicit financial activity.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.