Creating a U.S. shell company takes less information than acquiring a library card. A 2014 academic study found that the U.S. is the easiest country in the world for terrorists and criminals to open anonymous shell companies to launder their money with impunity.
Sixteen members of the House of Representatives sent a letter to the Financial Accounting Standards Board (FASB), urging them to require multinational companies to be more transparent in reporting where they pay taxes and book profits. Specifically, they called on the accounting body to require that companies disclose their taxes and profits on a country-by-country basis.
The Federal Law Enforcement Officers Association sent a letter the U.S. House Financial Services Committee regarding the “Corporation Transparency Act”.
Business leaders, financial institutions, investors and governments are taking action to end anonymous companies. On June 28, lawmakers introduced two bills in the United States House of Representatives and Senate which will make it harder for criminals to use anonymous shell companies as vehicles for fraud, crime, and corruption.
Today B Team Leaders and CEOs Andrew Liveris, Paul Polman, Marc Benioff, François-Henri Pinault, Oliver Bäte and Josh Bayliss sent a letter to key members of Congress in support of these legislative efforts.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) joined 43 other organizations to send a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act [S. 1454], which would require companies to disclose information about the real people who own or control them (often called the “beneficial owners”) at the time they are created.
As a leading representative of the 28 million small businesses in America, Small Business Majority writes to thank you for your sponsorship of the Corporate Transparency Act, a bill to crack down on the abuses of anonymous companies.
