Congress finally passed a law to end legal corporate secrecy used by drug traffickers, terrorist cells, tax cheats, pimps, arms traders, fraudsters and other criminals.

The importance of this victory cannot be understated. In 2013 the SC Small Business Chamber of Commerce and the American Sustainable Business Council joined the FACT Coalition, which led this campaign for corporate transparency.

On behalf of SCSBCC and ASBC I wrote, “No Main Street small business or consumer wants to inadvertently support an anonymous shell corporation that is laundering money, supporting terrorists, or funneling money to enemy governments.”

Shell companies harm small businesses.

Compliance with a corporate transparency law will not burden small businesses.

The support for ending anonymous shell companies was enormous and included businesses of all sizes, financial institutions (including the South Carolina Bankers Association), faith organizations, law enforcement, non-government organizations, unions and more.

Congratulations to all who for this struggle “to protect our small businesses, defend our democracy and to ensure our security.”

--Frank Knapp Jr., President & CEO of the SC Small Business Chamber of Commerce