HR 2816
Shell Company Abuse Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Shell Company Abuse Act, aims to prevent the use of shell corporations to hide election contributions or donations made by foreign nationals. It makes it illegal for individuals involved in establishing or using such entities with the intent to conceal foreign donations. Violators could face up to five years in prison, fines, or both.
Key provisions
- Prohibits the establishment of corporations with the intent to conceal foreign election contributions.
- Specifically targets owners, officers, attorneys, and incorporation agents.
- Criminal penalties include imprisonment for up to five years, fines, or both.
- Defines ‘foreign national’ as those prohibited from donating under the Federal Election Campaign Act.
Who is affected
- Foreign nationals
- Corporations and companies
- Owners, officers, attorneys, and incorporation agents of corporations
- Political donors
Notable changes
- Adds a new section (612) to Title 18 of the U.S. Code to specifically address shell companies used to conceal foreign election donations.
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119th CONGRESS — 1st Session
H. R. 2816
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend title 18, United States Code, to prohibit the establishment of a corporation to conceal election contributions and donations by foreign nationals.
This Act may be cited as the Shell Company Abuse Act
.
Chapter 29 of title 18, United States Code, is amended by adding at the end the following:
It shall be unlawful for an owner, officer, attorney, or incorporation agent of a corporation, company, or other entity to establish or use the corporation, company, or other entity with the intent to conceal an activity of a foreign national (as defined in section 319 of the Federal Election Campaign Act of 1971 (52 U.S.C. 30121)) prohibited under such section 319.
Any person who violates subsection (a) shall be imprisoned for not more than 5 years, fined under this title, or both.
The table of sections for chapter 29 of title 18, United States Code, is amended by inserting after the item relating to section 611 the following: