The FACT Coalition welcomed the inclusion of increased funding for the Financial Crimes Enforcement Network (FinCEN) in President Biden’s topline FY22 budget request released today.
These past few weeks have seen “explosive” momentum in the movement for tax transparency. The United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) published their report in late February, recommending a broad slate of much-needed global reforms including public country-by-country reporting (PCbCR) of taxes and other financial information by multinational companies. This year, the Global Reporting Initiative put into effect the first global voluntary standard on public country-by-country tax reporting. The standard, known as GRI 207, has already attracted early support from Philips, Orsted, Alliance, and Newmont.
In February, FACT member Transparency international released a report outlining perceived corruption globally. Adding to a troubling trend over the last few years, the U.S. again fell in its ranking with its lowest score since 2012.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed the final report from a UN panel shining a spotlight on the need to fight illicit financial flows and raise government revenues through global tax reform.
FACT Executive Director Ian Gary to speak at Chatham House Annual Conference on Illicit Financial Flows
A month after the enactment of the landmark Corporate Transparency Act, a new administration is opening new opportunities to advance the fight against corruption and illicit finance.