Wyoming bills would crack down on shell companies

[cal04]

http://www.reuters.com/article/2011/08/09/us-usa-shell-wyoming-idUSTRE77854420110809?feedType=RSS&feedName=politicsNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FPoliticsNews+%28News+%2F+US+%2F+Politics+News%29

Wyoming state legislators will consider three new bills next week aimed at reigning in "shell" companies formed under the state's liberal incorporation laws, according to Wyoming Secretary of State Max Maxfield.

The move follows a Reuters investigation in June that showed how Wyoming, Nevada and Delaware have become popular business-secrecy destinations at a time when Washington is demanding other countries improve financial and corporate transparency.

Reuters found that one 1,700-square-foot house in Cheyenne is home to more than 2,000 firms, including hundreds of shell companies -- paper-only firms with few assets. Some of those firms have been used to shield real estate for a jailed former prime minister of Ukraine, sell fake parts to the Pentagon and process payments for illegal online gambling.

Maxfield told the Wyoming Tribune-Eagle newspaper on August 8 that the bills would strengthen his office's ability to issue cease-and-desist orders against firms that file false documents with the state, close a fee-related loophole and ban "nominee" officers and directors.

[KamaAina]

1. Yo Reuters! It's "reining in"

:dunce:

and good for Wyoming. :thumbsup:

[cutlassmama]

2. Good news to read. Hopefully this will start happening all over the US