New Law Cracks Down on Shell Companies to Combat Corruption

New Law Cracks Down on Shell Companies to Combat Corruption
The U.S. Treasury Department building at dusk in Washington on June 6, 2019. Patrick Semansky/AP Photo
The Associated Press
Updated:

MIAMI—For years as a federal prosecutor in New York, Daniel R. Alonso led teams that had to search through a maze of anonymously owned corporate entities to expose criminal activity.

“It required all kinds of shoe-leather investigating to identify who was really behind these shell companies,” recalled Alonso. “You’d have to subpoena bank records and lawyers, as well as human sources, and even then you frequently hit a dead end.”