WASHINGTON – Today, U.S. Senators Tom Carper and Chris Coons and Congressman John Carney (all D-Del.) released the following statements after the Obama Administration proposed legislation that would require companies to report beneficial ownership information to the Treasury Department and law enforcement:

“I support the Obama’s administration’s steadfast commitment to strengthen our country’s efforts to combat international financial crimes, and I share the administration’s objective to ensure that our law enforcement community has the information needed to better crack down on terrorist financing, money laundering, and tax evasion,” said Senator Carper, member of the Senate Finance Committee and top Democrat on the Senate Homeland Security and Governmental Affairs Committee. “I’ve been working closely with the Delaware delegation and my colleagues in Congress on legislation that would require companies to report ownership information and allow law enforcement to access that information. In order for our country to get serious about improving our efforts to tackle financial crimes, Congress must act.”

“I agree with my colleagues and the Obama Administration that more must be done to prevent shell companies from being used to facilitate the financing of organized crime, supporting terrorism, or engaging in sophisticated money laundering operations,” said Senator Coons, a member of the Senate Judiciary Committee. “I look forward to working with the President, my colleagues in the Senate, and Delaware officials to ensure that new legislation gives law enforcement the tools to target and prevent bad actors.”

“I appreciate the President’s commitment to addressing money laundering and terrorist financing,” said Congressman John Carney, member of the Financial Services Committee.“There’s no doubt that Congress can and should do more to ensure that law enforcement has timely access to the information they need to take down bad actors. As a member of the Financial Services Committee, I have been closely following the actions of the Task Force to Investigate Terrorism Financing, and I am drafting legislation in the House to address this issue. I will continue to work with my colleagues on both sides of the aisle to act on this as soon as possible.”

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