Every year, more than $1 trillion is siphoned out of developing countries, often through anonymous shell companies, which are secretive entities that hide the identities of the real owners. This is money that developing countries could use to fight extreme poverty and invest in health and education. Instead, this money is used by corrupt politicians, drug dealers, sex traffickers, and terrorists to finance their criminal activities. Worst of all, this is all legal. In less than an hour, you can set up a secret company and then open bank accounts to finance crime and terror, all while hiding your identity from law enforcement. This is outrageous, and Sen. Maria Cantwell and Sen. Patty Murray can help fight this corruption.
The Senate is considering S.2563, the Illicit Cash Act, to help end this corruption, and we need our senators’ support. As a small-business owner, I know the process of setting up my own legal company, and I don’t want the system abused. This way U.S. law enforcement will have access to ownership information they need to thwart or investigate criminal activity. We must stop this corruption and help put this money back in the hands of the countries that need it.
