Roundtable and Trade Associations Submit Comments to Congress Regarding Corporate Transparency Bills
November 6, 2019
The letter outlines concerns with recent legislative efforts meant to aid law enforcement in investigation of shell companies engaged in money laundering, tax evasion and terrorism financing. While well-intentioned, we believe the proposals currently under consideration that are designed to increase the transparency of the ownership structure of limited liability companies (LLCs) and real estate transactions would have negative, unintended consequences on the broader real estate market. Several of these bills would place a significant compliance burden on owners of small businesses classified as corporations and LLCs, subject these businesses to potentially harmful privacy breaches and expose them to excessive and punitive damages.