Arizona PIRG: Corporate transparency matters

Most decision makers acknowledge the importance of transparency, including transparency in legislation and properly implementing the policy is what matters.

Jennifer Wong

Jennifer Wong

Corporate transparency legislation should be passed to (1) help ensure a fair and level playing field for small- and medium-sized businesses; (2) curb corruption, fraud and tax evasion; (3) promote sound corporate governance and financial stability; (4) make corporate campaign contributions more transparent; (5) enable individuals and companies to know with whom they are doing business; (6) foster global development; and (7) enhance national security.

Investigations continue to reveal that terrorists, narco-traffickers, arms dealers, corrupt foreign officials, tax evaders, sanctioned individuals and other criminals easily and regularly set up U.S. shell companies, without providing any information about who owns or controls such companies.

Corporate transparency legislation should enable law enforcement to more effectively and efficiently conduct investigations to combat terrorism and financial crimes, by providing access to important information about the ultimate owners of companies.

We encourage U.S. Senators Flake and McCain to lead efforts in Congress to pass legislation to make our corporate formation process more transparent by requiring all American companies to disclose their ultimate owners when they incorporate and to keep that information up to date.

Editor’s note: Ms. Wong is a member of the Arizona Public Interest Research Group

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.

Facebook Comment