Tag: Fort DuPont
General Assembly Post-Game Wrap-Up/Pre-Game Show: Tues., June 10, 2014
I’m hearing alarm bells over a package of corporate bills on today’s agenda. Bills like these generally sail through the General Assembly in June, and reflect lawyerly obeisance to their corporate masters. Nobody usually knows what’s in these bills, except for the legal sharks and the corporate forces writing the bills for/with them. Which brings me to HB’s 327 and 328. Both sponsored by Rep. Walker, who is running them, as well as HB’s 326 and 329 on behalf of the Corporate Law section of the Delaware Bar. The League of Women Voters, Americans for Democratic Action, and the Delaware Alliance for Community Advancement have all expressed concerns regarding HB 327 and HB 328. From the ADA:
Delaware is a leader in incorporation. As such, we have responsibilities to ensure we are supporting legitimately-purposed corporations as well as not allowing our state to be used as an easy way for people to set up corporations anonymously and then use them to facilitate drug smuggling, arms trafficking, money laundering, anonymous campaign contributions, or other nefarious activities. Our state’s reputation suffers when we allow bad actors to take advantage of our laws that enable the easy establishment of untraceable shell companies.
…However, these bills are ineffective as written. They do not require information be collected about the real people, often called beneficial owners, who ultimately own or control Delaware companies, and they do not make it any easier for law enforcement to access this information—in fact, for law enforcement to access the information that is collected, someone at the company needs to be tipped off that they are under investigation.
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