To ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes.
This bill generally addresses the disclosure of corporate ownership and the prevention of money laundering and the financing of terrorism.
DIVISION A--CORPORATE TRANSPARENCY ACT OF 2019
Corporate Transparency Act of 2019
This division requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.
Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this division.
The division imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information.
The Government Accountability Office must study and report on (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this division.
DIVISION B--COUNTER ACT OF 2019
Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019
This division generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.
Among other things, the division
The division also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.
Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to the House Committee on Financial Services.
DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Brown (MD) amendment No. 3.
DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Carolyn B. Maloney (NY) amendment No. 4.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Carolyn B. Maloney (NY) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Davidson (OH) amendment No. 5.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Davidson (OH) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.
Ms. Waters moved that the Committee rise.
On motion that the Committee rise Agreed to by voice vote.
Committee of the Whole House on the state of the Union rises leaving H.R. 2513 as unfinished business.
Considered as unfinished business. (consideration: CR H8365-8370)
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Referred to the House Committee on Financial Services.
Motion to reconsider laid on the table Agreed to without objection.
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2513.
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Davidson (OH) moved to recommit with instructions to the Committee on Financial Services. (text: CR H8368)
DEBATE - The House proceeded with 10 minutes on the Davidson (OH) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to require a court-issued subpoena for specified requests in the underlying bill.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 197 - 224 (Roll no. 576).
Roll Call #576 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).
Roll Call #577 (House)On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).
Roll Call #577 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.