Sustainability Panel Finalizes Public Tax Transparency Standard
A global sustainability standard-setting body finalized a proposal on Thursday to have multinational companies publicly disclose basic financial information on a country-by-country basis — a move that was praised by transparency advocates.
In Historic Vote, House Passes Bipartisan Bill to End Anonymous Companies
With a vote of 249 to 173, the U.S. House of Representatives passed a bipartisan bill Tuesday night to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. After more than a decade of debate in Washington, Tuesday’s vote in favor of the Corporate Transparency Act of 2019 (H.R.2513) represents the first time that legislation to end anonymous companies has made it through either Chamber of Congress.
New Study: Anonymous Companies Fuel Illicit Trade in Counterfeit and Pirated Goods
The formation and use of anonymous companies undermine the economic and financial interests of U.S. companies and markets according to a new report from the FACT Coalition.
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      New Rule from Global Reporting Initiative Could Bring Public Country-by-Country Reporting of Taxes, Profits, Revenues, and Employees to Thousands of Companies

      WASHINGTON, D.C. – A global sustainability standard-setting body finalized a proposal on Thursday to have multinational companies publicly disclose basic financial information on a country-by-country basis — a move that was praised by transparency advocates.

    • Image: flysnowfly / Shutterstock

      First Time Legislation to End Anonymous Companies Passes Either Chamber of Congress

      Measure Received Support from White House Prior to Vote

      Statement by Gary Kalman, Executive Director of the FACT Coalition

      WASHINGTON, D.C. — With a bipartisan vote of 249 to 173, the House of Representatives passed a bipartisan bill Tuesday night to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S.  After more than a decade of debate in Washington, Tuesday’s vote in favor of the Corporate Transparency Act of 2019 (H.R.2513) represents the first time that legislation to end anonymous companies has made it through either Chamber of Congress.

    • Editorial Credit: Katherine Welles / Shutterstock.com

      ILLICIT CASH Act Opens Viable Pathway to Senate Passage

      Statement by Gary Kalman, Executive Director of the FACT Coalition

      WASHINGTON, D.C. — A bipartisan group of eight U.S. senators on a key Senate committee introduced legislation Thursday to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S.

    • Image: Lipik Stock Media / Shutterstock

      Wyden, Rubio, and Whitehouse’s “Corporate Transparency Act” — Companion to Maloney and King’s H.R.2513 — Would End Incorporation of Anonymous Companies in the U.S.

      WASHINGTON, D.C. — Bipartisan momentum to end the incorporation of anonymous companies in the United States escalated on Wednesday following the publication of an international exposé on the scandal-plagued Odebrecht’s “Bribery Division,” as Senators Ron Wyden (D-OR), Marco Rubio (R-FL), and Sheldon Whitehouse (D-RI) introduced legislation that would require companies to disclose their true owner(s) when they incorporate and keep their ownership information up to-do-date.

    • House Financial Services Committee

      Corporate Transparency Act of 2019 Moves Forward with Strong Bipartisan Support

      WASHINGTON, D.C. — The House Committee on Financial Services voted 43-16 on Wednesday to advance a bipartisan measure to end the incorporation of anonymous companies that can be used for money laundering, terror financing, corruption and tax evasion.

    • Image: Lovely Bird / Shutterstock

      House Committee to Vote on Corporate Transparency Act Tuesday

      WASHINGTON, D.C. — A bipartisan group of four U.S. senators unveiled draft legislation to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. on Monday, as House lawmakers prepare to vote on their own bipartisan proposal to address the abuse of anonymous companies on Tuesday.

    • Image: flysnowfly / Shutterstock

      WASHINGTON, D.C. — Senate lawmakers introduced two pieces of legislation on Wednesday that would boost transparency of multinational corporations’ tax and employment practices while making it harder for companies to game the international tax system.

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      Opaque Ownership Structures Obstruct Enforcement of a Growing Global Illegal Economy Valued at $500 Billion to $3 Trillion

      WASHINGTON, D.C. – The formation and use of anonymous companies undermine the economic and financial interests of U.S. companies and markets according to a new report published Monday by the Financial Accountability and Corporate Transparency (FACT) Coalition.  The author, former Chair of the OECD Task Force on Countering Illicit Trade David M. Luna, found that criminals and counterfeiters are expanding their market share with fake products in storefront and on-line markets, contributing to a growing global illegal economy valued at between $500 billion and $3 trillion.  Criminally-derived profits (or dirty money) related to corruption and money laundering constitute several trillion dollars more that further finances insecurity and instability around the world.

    • Image: Katherine Welles / Shutterstock

      Corporate Transparency Act of 2019 a Critical Measure to Combat Corruption, Sanctions Evasion, Money Laundering, and Human Trafficking

      WASHINGTON, D.C. — A bipartisan group of lawmakers introduced legislation on Friday addressing the largest vulnerability in the nation’s anti-money laundering framework, according to the Financial Accountability and Corporate Transparency (FACT) Coalition, a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices.

    • Image: Ryan DeBerardinis / Shutterstock

      Investors, Businesses, and Policymakers Increasingly Take Steps Toward Public Country-by-Country Reporting of Tax Information

      WASHINGTON, D.C. – Public disclosure of multinational corporations’ disaggregated profits and taxes is steadily progressing toward a global norm as investors, businesses, and policymakers have increasingly taken steps toward transparency, according to a new study published Tuesday by the Financial Accountability and Corporate Transparency (FACT) Coalition.