The U.S. House of Representatives passed a bill on Tuesday requiring shell companies to disclose their true owners, an effort to crack down on money-laundering and other crimes. Some limited liability companies, sometimes referred to as shell companies, are registered in the U.S. under the names of representatives who neither own nor operate those companies. The House legislation requires that most limited-liability companies and corporations report to the U.S. government the names of anyone with a significant financial stake...

Source: Wall Street Journal October 22, 2019 23:07 UTC