End Delaware's contribution to poverty

Did you know that Delaware contributes to poverty around the world? Many of the world's poorest live in countries that are resource rich, whether those resources are oil, diamonds or other minerals or natural resources. However, due to weak governance and widespread corruption, revenues from these resources do not always reach government accounts or the citizens of these countries. Instead, corrupt politicians and crooked corporate leaders use anonymous companies to launder money and help themselves. Anonymous shell companies facilitate the corruption that keeps poor countries poor.

Criminals looking to set up an anonymous shell company to facilitate their money laundering often use Delaware as their choice for incorporation. It is quick, easy and relatively inexpensive to set up an anonymous company in Delaware. And not only does Delaware not make the beneficial ownership information about companies incorporated in our state public, our state does not even collect this information.

It is time for our federal delegation to ensure that global criminals cannot take advantage of our state's laws to get rich while keeping the poor poor. Sen. Coons has expressed his concern for global poverty; he could make helpful strides in this arena by supporting the Incorporation Transparency & Law Enforcement Assistance Act, which is currently before the Judiciary Committee on which he sits.

Amy Shay

Newark