Watchdogs : Mettre en lumière la propriété de LLC à New York


Ethics watchdogs are pushing for more transparency in disclosure laws for limited liability companies (LLCs) and their ownership. Reinvent Albany, a government watchdog group, is calling for the passage of a measure that would require the disclosure of LLC owners. LLCs are often used as political donation vehicles, but their names and ownership are often opaque, making it difficult to determine who is behind the donation. The group wants to ensure that information on LLC ownership is made available to local tax and law enforcement authorities to prevent money laundering through shell companies.

A change in the law in 2019 required more disclosure for LLCs when used as political donation vehicles, but Reinvent Albany believes it hasn’t gone far enough in opening the entities up to scrutiny. The proposed measure would require the state’s business entity database to disclose the full legal name or names of each beneficial owner for every LLC and foreign LLC acting as a reporting company. The database would include the business entity’s name, street address, and filing history. The group hopes that in the future, the Legislature will go even further by establishing sharing of beneficial owner data between the NYS Departments of State and Taxation and Finance, and mechanisms for enforcing the law such as appropriate penalties.

The call for more transparency in LLC ownership is crucial in preventing money laundering and illegal cash movements. The proposed measure would provide a strong foundation for making the ownership of New York’s LLCs more transparent. It is essential to ensure that government regulators and law enforcement bodies can determine whether LLCs are being used to illegally move cash and dodge taxes. The passage of this measure would be a significant step towards ensuring transparency and accountability in LLC ownership and political donations.

Keywords: LLC, transparency, disclosure laws, ownership, money laundering, political campaigns, government watchdogs, beneficial owners, New York, enforcement.

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