The past week’s revelations through the “Pandora Papers” – the largest exposé to-date of how global politicians, business leaders, celebrities, and multinational companies use and abuse the “offshore” financial system – are both shocking and surprisingly familiar.
The FACT Coalition and Americans for Tax Fairness submitted comments to the Senate Finance Committee in response to its International Taxation Overhaul Discussion Draft.
he Financial Accountability and Corporate Transparency (FACT) Coalition mourned the passing of Senator Carl Levin of Michigan. Levin, who for many years held leadership positions with the Senate Permanent Subcommittee on Investigations, used his powerful position to investigate money laundering, tax avoidance and evasion, and the many ways in which corrupt actors abused the U.S. financial system for personal gain.
The Financial Accountability and Corporate Transparency (FACT) Coalition hailed today’s passage of the Disclosure of Tax Havens and Offshoring Act in the House of Representatives. Championed by Rep. Cynthia Axne (D-IA), the legislation, included as Title V of the Corporate Governance Improvement and Investor Protection Act (H.R. 1187), requires multinational corporations registered with the Securities and Exchange Commission (SEC) to disclose their taxes paid and other key financial information publicly on a country-by-country basis.
FACT Sends House Leadership Letter Endorsing Title V of Corporate Governance Improvement and Investor Protection ACT (H.R. 1187)
The Financial Accountability and Corporate Transparency (FACT) Coalition today warmly welcomed the Biden Administration’s move establishing combatting corruption at home and abroad as a core U.S. national security interest. The National Security Study Memorandum, and President Biden’s directive to the National Security Advisor to develop a national strategy to combat corruption, represents a significant and timely elevation of the fight against corruption and financial secrecy.
