By Sabina Mollot
For the past decade, Congresswoman Carolyn Maloney has been pushing legislation aimed at preventing money laundering, often via real estate purchases, by cracking down on shell companies.
On Tuesday, May 14, Maloney held a press conference in Washington, DC about the bill, which she said is finally starting to gain traction in Congress along with having the support of law enforcement agencies, banks, credit unions and four real estate industry associations. Real estate groups in support of the bill are American Escrow Association, American Land Title Association, National Association of REALTORS, Real Estate Services Providers Council, Inc. (RESPRO).
“I’ve never had such huge support for one of my bills before,” said Maloney. “If this bill passes, it’ll be harder to finance terrorism.”
After reintroducing the Corporate Transparency Act, which is co-sponsored by Reps. Peter King and Tom Malinowski last week, she expects it to have a markup soon. A markup, unlike a hearing, is aimed at getting legislation passed in committee and moved onto the house floor. There have already been hearings for this bill, and there is also one set for next week. The bill hasn’t yet been discussed in the Senate.