
Business Organizations Back ILLICIT CASH Act (S. 2563)
The harm caused by illicit commerce, facilitated oftentimes by the abuse of anonymous companies, is far reaching.
The harm caused by illicit commerce, facilitated oftentimes by the abuse of anonymous companies, is far reaching.
The FACT Coalition filed comments for the record to House Financial Services Committee regarding a Virtual Hearing titled “Cybercriminals and Fraudsters: How Bad Actors Are Exploiting the Financial System During the COVID-19 Pandemic,” on June 16th, 2020.
Corruption thrives in crisis. As the nation rushes to stop the bleeding of the COVID-19 pandemic, new opportunities arise for bad actors—common criminals, corrupt officials, U.S. adversaries, and authoritarian regimes—to exploit gaps in the U.S. financial system for their own gain. Congress must spend the coming weeks not only readying the next economic response to COVID-19 but also tackling the long-standing vulnerability of U.S. financial secrecy, to keep the trajectory of the national and global recovery on course.
FACT joins a coalition letter urging Congress to strengthen the oversight and anti-corruption measures over the $3 trillion and growing Coronavirus relief legislative programs.
FACT sent comments to the United Nations High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel).
On May 12, Clark Gascoigne, Interim Executive Director of the FACT Coalition, offered remarks during the Organization for Economic Cooperation and Development’s public consultation on BEPS Action 13, which addresses country-by-country tax reporting. His comments underscored both the need and public momentum for making such reports public.