Permanent Subcommittee on Investigations

Failure to Identify Company Owners Impedes Law Enforcement

Date: November 14, 2006
Time: 2:30pm
Location: Room 342, Dirksen Senate Office Building
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

Panel 1

K. STEVEN

BURGESS

Director of Examinations, Small Business/Self Employed Division

Internal Revenue Service

Panel 1

MS.

YVONNE

JONES

Director, Financial Markets & Community Investment Team

U.S. Government Accountability Office

Panel 1

JAMAL

EL-HINDI

Associate Director for Regulatory Policy and Programs

Financial Crimes Enforcement Network

Panel 2

SCOTT W.

ANDERSON

Deputy Secretary of State for Commercial Recordings

Office of the Secretary of State, State of Nevada

Panel 2

RICHARD J.

GEISENBERGER

Assistant Secretary of State

State of Delaware

Panel 2

LAURIE

FLYNN

Chief Legal Counsel

Office of the Secretary of the Commonwealth of Massachusetts

Related Links

Printed Hearing Record