A new report by the Anti-Corruption Data Collective, FACT, and Global Financial Integrity identifies 25 cases in which illegal, allegedly illicit, or suspicious funds were funneled into commercial property worth more than $2.6 billion over the last 20 years, and makes recommendations for Treasury to address the problem.
The Disclosure of Tax Havens and Offshoring Act would shine a light on the abuse of offshore tax havens by requiring multinational corporations to publicly report overseas tax and operational data on a country-by-country basis.
Australia is poised to deliver a global breakthrough in tax transparency with a new budget for FY2023 including strong public country-by-country reporting (PCbCR) requirements for certain large multinational enterprises (MNEs).
“ENABLERS would help ensure that corrupt cash doesn’t make it into our country and our markets in the first place. If the ENABLERS Act passes, Congress will have led a sea-change in American anti-corruption law.”
The bipartisan ENABLERS Act, which would put an end to the abuse of US markets by kleptocrats and international criminals that is aided by certain legal, administrative and financial professionals, is officially headed to a conference committee later this year as part of the must-pass annual defense bill.
Key recommendations include requiring investment advisers to conduct basic customer due diligence, report beneficial ownership information, and countries of origin for investors in private funds.
