Jun 17, 2009
They still do not get the information that is the most important to law enforcement, who is the beneficial owner.
Carl Levin
The Public Record
Carl Levin was a prominent American politician who served as a United States Senator from Michigan from 1979 until 2015. A member of the Democratic Party, Levin was known for his leadership on the Senate Armed Services Committee, where he played a key role in shaping U.S. military policy and defense spending. Throughout his tenure, he was an advocate for various issues, including environmental protection and consumer rights.
congress.gov
Jun 17, 2009
But when it became clear that the States would not step up to the plate, we then introduced the bill.
Jun 17, 2009
Our bill, the Levin-Grassley-McCaskill bill, that is the subject of today's hearing, would assist our law enforcement community instead of thwarting it.
Jun 17, 2009
Because there has been some confusion about that. The living, breathing person that we are looking for is the beneficial owner, the person that controls.
Jun 17, 2009
The most important information for law enforcement to know is the beneficial owner.
Jun 17, 2009
I think that is an important point. I think that is a common approach, as a matter of fact.
Jun 17, 2009
U.S. corporations with hidden owners have created a serious law enforcement and a national security problem.
Jun 17, 2009
Senator Levin's bill--and it is, as I said at the outset, Senator Levin, Senator Grassley, and Senator McCaskill particularly--is designed with these law enforcement investigations in mind.
Jun 17, 2009
We prohibit it. We say only if a State decides that they want to make it available for whatever reason.
Jun 17, 2009
That is very helpful. Thank you. And that is, of course, the point of it, and one of the reasons why this bill has been referred to this Committee.
Jun 17, 2009
If false information is provided on the form, would it be fair to say that even that information might be helpful?
Jun 17, 2009
Their approach to the definition of beneficial ownership is not one of them.
Jun 17, 2009
The potential for criminals to buy these types of companies without ever divulging their names or interest is a threat to our security and to our well being.
Jun 17, 2009
The hidden secret ownership of corporations in this country denies law enforcement critical tools and this hidden ownership is a significant security risk to our country
Jun 17, 2009
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.
Jun 17, 2009
To allow companies to provide anything less than the beneficial owner information merely provides criminals with an opportunity to evade responsibility.
Jun 17, 2009
We have a Treasury Department definition. We have one line. You must ask for the beneficial ownership as defined in 31 CFR.
Jun 17, 2009
Our bill requires that filers provide beneficial owner information up front at the time of incorporation.
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