The FACT Coalition sent this memo to offer detailed responses to several common concerns raised by opponents of the discussion draft of the Counter Terrorism and Illicit Finance Act and to inform the debate moving forward.
Two years ago we published the Panama Papers after an anonymous source provided 2.6 terabytes of internal data from the dubious Panamanian law firm of Mossack Fonseca. We shared the data with 400 journalists worldwide and together revealed how the wealthy and powerful use shell companies to hide their assets. Such companies are exploited by dictators, drug cartels, mafia clans, fraudsters, weapons dealers and regimes like North Korea and Iran to hide their shady business transactions.
As faith leaders in Utah, we are concerned with a gaping hole in state and federal law that is having dire consequences throughout the state, country and the world. We feel it is time as citizens to call on our representatives to correct this oversight and give law enforcement the tools they need to protect us and our financial system. It is time to end the legal twilight zone where anonymous shell companies are used to protect criminals.
The National District Attorneys Association sent a letter the U.S. House Financial Services Committee regarding the Corporation Transparency.
The FACT Coalition joined 100 other groups in sending a letter to Congress on Monday, October 2, 2017 opposing a proposal to allow multinationals to pay low-to-no taxes on the profits they booked offshore, also known as a “territorial tax system.”
