The U.S. is the easiest place in the world for a criminal, terrorist, tax cheat, or kleptocrat to open an anonymous shell company to launder their money with impunity. Anonymous corporations are great ways to hide money and other assets — they can hold a bank account or buy a yacht. Criminals often layer anonymous corporations, with one owning another and so on, making it even harder for law enforcement to “trace the money” and figure out who is directing the company’s activity. It’s time to ending the use of anonymous shell companies as vehicles for illicit activity by requiring that the true owners of U.S. companies be disclosed at the time of formation and updated upon any change.
FACT urges Treasury to resume full implementation of the landmark Corporate Transparency Act following a federal district judge’s stay of the last nationwide preliminary injunction preventing broad enforcement of the law.
The Justice Department requests stay of final injunction barring CTA enforcement, No Tax Breaks For Outsourcing Act reintroduced, and new executive order pauses enforcement of cornerstone anti-bribery law.
The Supreme Court stays nationwide injunction against CTA enforcement, President Trump withdraws U.S. commitments to OECD global tax deal, and Treasury convenes summit on nature crimes and illicit finance.
FACT applauds the U.S. Supreme Court’s decision to stay a nationwide injunction against the landmark Corporate Transparency Act, clearing a major hurdle to enforcement of the most consequential anti-money laundering law in a generation.
A nationwide preliminary injunction preventing Treasury from enforcing the Corporate Transparency Act “is a Christmas gift to criminals who use anonymous shell companies to traffic fentanyl, exploit people, and hide dirty money.”
Read the new letter from FACT and Transparency International U.S. urging Treasury to meet its statutory deadline for important aligning regulations required under the Corporate Transparency Act.
