Maloney takes aim at shell corporations funding terror groups

Congresswoman Carolyn Maloney and District Attorney Cyrus Vance at City Hall (Photo by Maria Rocha-Buschel)

Congresswoman Carolyn Maloney and District Attorney Cyrus Vance at City Hall (Photo by Maria Rocha-Buschel)

By Maria Rocha-Buschel

Congresswoman Carolyn Maloney called on Congress to prevent anonymous shell corporations from laundering money on behalf of criminals and terrorist organizations this past Monday.

Maloney was joined by Manhattan District Attorney Cyrus Vance and former FBI special agent Konrad Motyka, who voiced their support for legislation that the congresswoman introduced in February that would expose the anonymous corporations.

Maloney emphasized that transparency would prevent criminals from hiding their identities behind these shell corporations.

“When investigators are tracking illegal activity, they’ll hit a shell corporation and won’t be able to figure out who it is,” she said. “There’s no way to tell if it’s a foreign dictator or a drug cartel.”

Vance noted that the anonymity provided by these shell corporations is due to a glaring loophole, while there are protections in place against money laundering elsewhere.

“If you want to open a bank account, it’s more information that you need to provide than if you want to open a corporation and move millions of dollars,” he said. “It’s time that states stood up and said that the minimum info is at least required.”

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