United States for failing to comply with a FATF standard on the need to collect beneficial ownership information and urged the United States to correct this deficiency by July 2008. In December 2016, FATF issued another evaluation of the United States, which found that little progress has been made over the last ten years to address this problem. It identified the lack of timely access to adequate, accurate and current beneficial ownership information as a fundamental gap in United States efforts to combat money laundering and terrorist finance. (7) In response to the 2006 FATF report, the United States has urged the States to obtain beneficial ownership information for the corporations and limited liability companies formed under the laws of such States. (8) In contrast to practices in the United States, all 28 countries in the European Union are required to have corporate registries that include beneficial ownership information. (9) To reduce the vulnerability of the United States to wrongdoing by United States corporations and limited liability companies with hidden owners, to protect interstate and international commerce from criminals misusing United States corporations and limited liability companies, to strengthen law enforcement investigations of suspect corporations and limited liability companies, to set a clear, universal standard for State incorporation practices, and to bring the United States into compliance with international anti-money laundering standards, Federal legislation is needed to require the collection of beneficial ownership information for the corporations and limited liability companies formed under the laws of such States. 3. Transparent incorporation practices (a) In general (1) Amendment to the Bank Secrecy Act Chapter 53 of title 31, United States Code, is amended by inserting after section 5332 the following new section: 5333. Transparent incorporation practices (a) Reporting requirements (1) Beneficial ownership reporting (A) In general Each applicant to form a corporation or