Thomas Georges | Page 24 | The FACT Coalition

Beyond Anecdotes: Data Demonstrate Anonymous Companies Are Dangerous and Prevalent

May 14, 2019

Numerous stories have been written exposing how anonymous companies are used around the world for criminal purposes, including in media reports stemming from the Panama Papers, Paradise Papers, and Lux Leaks; the Russian and Troika Laundromat episodes; Global Witness reports, The Great Rip Off and Hidden Menace; and many more.

In addition to the examples, there is mounting evidence showing the widespread use of anonymous companies to launder money and allow dangerous actors to escape accountability and that the United States is a prime secrecy jurisdiction.

FACT Sheet: Business Case for Ending Anonymous Companies (May 2019)

May 10, 2019

Anonymous companies are behind just about every financial crime. They are the vehicle of choice for laundering money obtained through illicit activity. Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes as well as impunity.

The pervasive use of secret shell and front companies also impacts the broader economy. As such, more and more businesses are speaking out.

Letter from ICBA to Congress Supporting Corporate Transparency Act of 2019 (H.R. 2513)

May 8, 2019

The Independent Community Bankers of America sent a letter to the U.S. House of Representatives’ Committee on Financial Services, urging members to end the incorporation of anonymous shell companies. The full letter can be read below or downloaded here.

Letter from National District Attorneys Association to House Supporting Corporate Transparency Act of 2019 (H.R. 2513)

May 7, 2019

The National District Attorneys Association sent a letter to lawmakers on the U.S. House Committee on Financial Services endorsing the bipartisan Corporate Transparency Act of 2019 (H.R.2513).

Letter from Nine Banking Associations to House Supporting Corporate Transparency Act of 2019 (H.R. 2513)

May 7, 2019

Several banking associations sent a letter to the U.S. House of Representatives’ Committee on Financial Services, urging members to end the incorporation of anonymous shell companies.

The full letter can be read below or downloaded here.

Letter from Real Estate Associations to House Supporting Corporate Transparency Act of 2019 (H.R. 2513)

May 7, 2019

Real Estate associations sent a letter to the U.S. House of Representatives’ Committee on Financial Services, urging members to end the incorporation of anonymous shell companies.

The full letter can be read below or downloaded here.