Treasury delays the implementation of a rule that would fight money laundering in the private investment sector, Senators introduce a bill to apply AML safeguards to the art market, and House appropriators propose further cuts to the IRS.
FACT policy director Zorka Milin was quoted by Bloomberg in their coverage of a new tax provision that restructures a tax break for U.S. companies’ foreign sales.
“They’re getting…an even more generous tax break for a policy that is untested,” Milin said. “It could…add a tax reward for something that companies might be doing anyway.”
Read FACT deputy director Erica Hanichak’s letter to the editor for the Wall Street Journal on the importance of addressing the abuse of shell companies when enforcing tariffs.
Congress’ budget reconciliation bill becomes law, including trillions of dollars of highly regressive tax cuts for wealthy individuals and corporations at the cost of steep cuts to healthcare, food assistance, and climate programs.
Read FACT’s comments to Treasury on the final reporting form that will be used by covered entities and individuals under groundbreaking new anti-money laundering regulations for all-cash real estate purchases.
FACT program director for environmental crimes and illicit finance Julia Yansura was quoted by the Organized Crime and Corruption Reporting Project in their coverage of the remittance tax provision included in the 2025 budget megabill.
“While Congress’ remittance tax raises relatively little money for the United States, these paltry funds will come with a huge illicit finance risk, driving financial flows underground.”
