“New report highlights shell company loophole that could be abused by foreigners who want to interfere in U.S. elections”

The organization Issue One has issued this report.

“Secretive shell companies provide ideal cover for foreigners wishing to evade the existing prohibition on their involvement in U.S. elections,” said Issue One Founder and CEO Nick Penniman. “The Justice Department says foreigners have already used shell companies to illegally funnel money into U.S. elections at least twice in recent years. It’s only a matter of time before this glaring loophole in our campaign finance system is more systematically abused by malicious foreign actors.”

Added Issue One Executive Director Meredith McGehee: “Money laundering schemes to illegally funnel foreign money into super PACs through shell companies threaten the integrity of our political system. It is bad public policy to simply rely on a super PAC’s word that the funds they receive — especially money from mysterious donors — are not from foreign nationals. Congress needs to strengthen the law, and the Federal Election Commission needs to enhance existing transparency rules to help give the public more confidence that the law is being followed.”

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