If A Judge Can See Your Assets, He Can Seize Them“, mentioned that shell companies formed in Nevada, Wyoming or Delaware especially lacked transparency because in these states there are virtually no reporting requirements about company managers, shareholders, etc.

Some beneficial owners therefore anonymously establish Nevada, Wyoming, or Delaware shell companies and then use them to open nominee bank accounts through which assets can be laundered or otherwise concealed.  My May 5, 2010 “Weekly Asset Search News Roundup” additionally described “Asset Managing Group, Inc.“, which offers anonymity by registering yachts and aircraft via Delaware formed companies.

The Levin-Grassley-McCaskill Incorporation Transparency and Law Enforcement Assistance Act (S.569), addresses the above situations.  This legislation was introduced in the Senate by Senator Carl Levin (MI), on March 11, 2009.  It has already been the subject of a November 5, 2009 hearing by the Committee on Homeland Security and Governmental Affairs.  If this bill became U.S. law, it would require a company’s true beneficial owner to be identified / disclosed:

  (Click Below To Read The Entire Bill)

(Edited January 8, 2012)

Copyright 2010-2012 Fred L. Abrams