Attorney General Andy Beshear has joined a bipartisan group of 24 other attorneys general in support of changes in federal law that would make it tougher for criminals to secretly launder money through shell corporations. In a letter sent to leadership of the House Financial Services Committee, Beshear urged the advancement of legislation that would improve transparency of shell corporations by requiring them to disclose who controls and profits from their activities. Beshear said the legislation is needed because opioid, human trafficking, and other criminal investigations can stall when the identity of the individuals who control or profit from shell companies is hidden. A shell corporation is defined as an inactive company used as a vehicle for financial maneuvers or kept dormant for future use in some other capacity.
Beshear, State Attorneys General Urging Shell Corporation Transparency
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