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Failure to Identify Company Owners Impedes Law Enforcement

Permanent Subcommittee on Investigations

Location: Room 342, Dirksen Senate Office Building

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Agenda

The Permanent Subcommittee on Investigations’ hearing examined the issue of states routinely incorporating hundreds of thousands of new, non-publicly traded companies in the United States each year without obtaining the identity of the corporate owners, thereby impeding law enforcement investigations into persons misusing U.S. shell corporations for money laundering, tax evasion, terrorist financing, or other crimes. The hearing featured the April 2006 Government Accountability Office (GAO) report prepared at the Subcommittee’s request, "Company Formations: Minimal Ownership Information Is Collected and Available."

Witnesses

Panel 1

  • STUART G. NASH
    Associate Deputy Attorney General & Director, Organized Crime Drug Enforcement Task Force
    U. S. Department of Justice
    Washington, D.C.
    Download Testimony (144k)
  • K. STEVEN BURGESS
    Director of Examinations, Small Business/Self Employed Division
    Internal Revenue Service
    Washington, D.C.
    Download Testimony (40k)
  • Accompanied by: ROBERT NORTHCUTT
    Acting Director, Abusive Transactions Office, Small Business/Self-Employed Division
    Internal Revenue Service
    Washington, DC
  • MS.  YVONNE JONES
    Director, Financial Markets & Community Investment Team
    U.S. Government Accountability Office
    Washington, D.C.
    Download Testimony (673k)
  • JAMAL EL-HINDI
    Associate Director for Regulatory Policy and Programs
    Financial Crimes Enforcement Network
    Vienna, Virginia
    Download Testimony (80k)

Panel 2

  • SCOTT W. ANDERSON
    Deputy Secretary of State for Commercial Recordings
    Office of the Secretary of State, State of Nevada
    Carson City, Nevada
    Download Testimony (165k)
  • RICHARD J. GEISENBERGER
    Assistant Secretary of State
    State of Delaware
    Dover, Delaware
    Download Testimony (88k)
  • LAURIE FLYNN
    Chief Legal Counsel
    Office of the Secretary of the Commonwealth of Massachusetts
    Boston, Massachusetts
    Download Testimony (23k)