WASHINGTON, D.C. – In response to the news stories about Acting Attorney General Matthew Whitaker receiving payments from an anonymous company called the Foundation for Accountability and Civic Trust (FACT), the Financial Accountability and Corporate Transparency (FACT) Coalition, which has called for greater transparency and an end to anonymous companies, put out the following statement.
The FACT Coalition sent a letter to the IRS on proposed rules for the implementation of TCJA provisions. The full letter can be read below or downloaded here.
WASHINGTON, D.C. — More than 60 institutional investors and academics called on regulators Tuesday to require more transparency in corporate filings — including information on offshore tax practices. The petition to the Securities and Exchange Commission (SEC) is part of a broader effort to align disclosure frameworks with an investment environment focused on long-termism.
Commercial Support for Ownership Disclosure Grows as National Foreign Trade Council Backs Incorporation Transparency
Momentum continues to build in the fight to tackle the abuse of anonymous shell companies.
Richard Sawaya, the vice president of the National Foreign Trade Council, which represents major U.S. multinational businesses, just endorsed cracking down on money laundering and anonymous shell companies in a new op-ed in The Hill regarding Russia sanctions.
While the FACT Coalition takes no position on most of the content in the op-ed, the penultimate paragraph of the article says:
“Congress should focus on… incorporating new ideas… that would crack down on Russian money laundering and shell corporations, expose the financial crimes of Putin cronies, and prevent U.S. real estate from being a haven for kleptocrat money, all without measurably hurting the U.S. economy.”
NFTC—whose’s board of directors consists of major U.S. businesses including Caterpillar, Coca-Cola, Exxon, Fluor, General Electric, Pfizer, Procter & Gamble, and Walmart—joins the entire financial services industry, the National Association of Realtors, the vast majority of small business owners, and other large companies such as Dow Chemical, Unilever, and Salesforce in pushing for incorporation transparency.
WASHINGTON, D.C. — A bipartisan group of more than twenty state attorneys general urged Congress on Thursday to help them counter money laundering, corruption, and terror financing by passing legislation to end the incorporation of anonymous shell companies in the United States.
Move Comes as Lawmakers Consider Dropping Important Anti-Money Laundering Section from Legislation
WASHINGTON, D.C. — Delaware’s top government official overseeing company formation in the state endorsed a bipartisan federal proposal to require companies to disclose their true owners at the time of formation in new a new letter to Congress.
