Congresswoman Carolyn Maloney is pitching a bill on Capitol Hill that will put an end to shell companies across the United States, and possibly alleviate some of the issues facing everyday New Yorkers in an inflated housing market.
The main objective of the bill, however, is national security exemplified in the history of 650 Fifth Ave., once owned by the Iranian government and used to launder money for the benefit of terrorism groups.
“It’s not owned by the government of Iran anymore. It’s owned by a private U.S. company, but for many years, Iran was able to circumvent U.S. sanctions and launder their money, right here, in the US financial system,” Maloney said. “Now, people ask how did they do this? They used two anonymous shell companies, both formed here in the United States that hid their ownership. Fortunately the era of anonymous shell companies is almost about to end.”