Good afternoon, Chairman Lieberman, Ranking Member Collins and distinguished Members of the Committee. I am honored to appear before the Homeland Security Committee to discuss the critical need for greater transparency in corporate formation in this country. Nearly three years ago the Department testified before the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs about the difficulties that U.S. shell companies often pose to law enforcement efforts—and the need for improved access to beneficial ownership information of these companies. In this context, we use the term “shell company” to refer to a legal entity, established under the laws of a State, that has no independent operations or assets of its own. Unfortunately, since the Committee last examined this issue, the problem has not improved. So I am pleased that the Department has another opportunity to speak with you about this important issue and that the conversation has now moved from framing the problem to developing possible legislative solutions.
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