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.
The Corporate Transparency Act is under threat from opponents who say its reporting requirements are “too burdensome” for small businesses, and who downplay the risks posed by anonymous companies. The facts say otherwise.
On December 16, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the Corporate Transparency Act, the most significant new federal anti-money laundering law in a generation.
El último informe de FACT analiza ejemplos de países latinoamericanos para demostrar que la crisis de la minería ilegal de oro se ha vuelto demasiado grande para que Estados Unidos la ignore.
FACT urges Treasury to heed the calls of law enforcement, national security, and other experts by fully implementing the Corporate Transparency Act in accordance with congressional intent and the plain language of the law.
FACT submits a comment to FinCEN calling for the withdrawal of the interim final rule that exempts U.S. entites from reporting beneficial ownership information.
Read FACT’s official statement for the record submitted ahead of Tuesday’s HFSC subcommittee hearing on fraud prevention, including comments in opposition to H.R. 425. the Repealing Big Brother Overreach Act, which would fully repeal the Corporate Transparency Act.
