"We have a Treasury Department definition. We have one line. You must ask for the beneficial ownership as defined in 31 CFR."
"Senator Levin's bill offers one solution to this problem, which is to set a national minimum standard for State incorporation practices that require States to collect, maintain and update so-called be..."
"Are you suggesting that under the Commerce Clause of the U.S. Constitution, given what corporations do across boundaries of States, we do not have the jurisdiction in Congress to require States to ask..."
"It is imperative that not be the case here."
"I look forward to the definition on beneficial owners."
"We want to avoid a mandate as well, so we provide a possible source of funds, but we do not require that the source be used."
"My time is up, but I would just say that we ask banks all the time for who the beneficial owners of accounts are, and they provide that information to us."
"You make no reference to beneficial owner in your proposal at all, do you?"
"Instead of collecting beneficial ownership information at the time that a new corporation is being formed in the United States, as our bill does, the NCCUSL proposal would allow hidden persons to obta..."
"How can we possibly justify our failure to do what we have committed to do: Obtain beneficial ownership information for the corporations formed within the United States?"
"So they could identify a shell corporation in Panama or someplace as the record owner of that company?"