Maloney Calls to End Shell Companies
Last Monday, U.S. Rep. Carolyn Maloney (D-Manhattan, Brooklyn, Queens) wrote an op-ed for amNY calling on the federal government to crack down on anonymous shell companies.
A “shell company” is a company that only exists on paper; it has no employees or active business operations. Shell companies are not technically illegal, but tend to exist for illicit purposes, such as money laundering and financing terrorism. Furthermore, there are no state laws in the U.S. requiring companies to disclose their true owners, making shell companies incredibly easy to set up and maintain.
“Corporations and LLCs are formed at the state level in the U.S., and no U.S. state currently requires companies to disclose their true, beneficial owners,” wrote Maloney. “This means that the U.S. is the world capital of anonymous shell companies — and is a hub for not just money laundering, but also terrorist financing. Yes, that’s right — the same terrorist groups that attack the U.S. are also using the U.S. financial system to move their money, and to finance their operations. It’s appalling, and it has to end.
“To combat these abuses and end the illicit use of anonymous shell companies, I having been working on legislation, the Corporate Transparency Act, for over a decade. It finally passed the House last October, and was included in the House-passed National Defense Authorization Act (NDAA) for Fiscal Year 2021. That legislation is currently being negotiated by House and Senate conferees and I am working to make sure that Congress finally passes this bipartisan bill to strengthen our national security and crack down on money laundering and organized crime.”
Read the full article here.
Johnson Pays Respects to Former Mayor David Dinkins
Council Speaker Corey Johnson (D-Chelsea, Hell’s Kitchen) released a statement yesterday to comment on the passing of former Mayor David Dinkins (D).
Dinkins, who took office in 1990, was New York City’s first – and so far, only – black Mayor. Johnson called him a “remarkable public servant”, praising him for his humanitarian leadership.
“Mayor David Dinkins was a remarkable public servant whose grace and dignity set the standard for what compassionate leadership can achieve,” said Johnson. “He believed New York City could meet any challenge it faced by working collectively. As the city’s 106th mayor, he made it his mission to look out for communities who needed the most help, but who were often the most overlooked. He made history as the city’s first – and still only – Black mayor, and inspired a generation of future leaders, many of whom he enjoyed mentoring.
“My deepest condolences to his family, including his son David Jr. and daughter Donna Dinkins Hoggard, his friends, and all New Yorkers feeling this loss so deeply.”
Architects of New York’s Anti-Harassment Laws Endorse Quart for DA
Yesterday, Assemblymember Dan Quart (D-Murray Hill, Lenox Hill) received endorsements for District Attorney from three women instrumental in shaping the State’s worker protection laws.
Rita Pasarell, Elizabeth Crothers, and Leah Hebert – all legislative staffers who experienced sexual harassment – played a key role in overhauling New York’s laws regarding sexual harassment and discrimination in the workplace. The three of them endorsed Quart on the grounds of his exhaustive work to fight sexual harassment, including the release of a 9-point plan to overhaul the Manhattan DA’s Sex Crimes Unit.
“As a member of the Assembly, Dan did more than just listen; he took action,” said Leah Hebert. “Not only did he advocate for cultural change in an institution where gender-based discrimination ran rampant, he helped spearhead the first public hearings on sexual harassment in the legislature in 27 years. I am proud to support him for District Attorney because I know he will put accountability and justice for survivors first.”
