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Ownership Transparency

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.

Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream

What do the Iranian government, a fugitive international jeweler, and a disgraced Harvard University fencing coach have in common? They have all used U.S. real estate to launder their ill-gotten gains. In Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream, Global Financial Integrity (GFI) dives into the murky world of global money laundering and demonstrates the ease with which kleptocrats, criminals, sanctions evaders, and corrupt government officials choose the U.S. real estate market as their preferred destination to hide and launder proceeds from illicit activities.

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FACT Coalition Mourns the Passing of Senator Carl Levin

he Financial Accountability and Corporate Transparency (FACT) Coalition mourned the passing of Senator Carl Levin of Michigan. Levin, who for many years held leadership positions with the Senate Permanent Subcommittee on Investigations, used his powerful position to investigate money laundering, tax avoidance and evasion, and the many ways in which corrupt actors abused the U.S. financial system for personal gain.

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FACT Coalition Applauds Biden Administration Move to Establish the Fight Against Corruption as a “Core U.S. National Security Interest”

The Financial Accountability and Corporate Transparency (FACT) Coalition today warmly welcomed the Biden Administration’s move establishing combatting corruption at home and abroad as a core U.S. national security interest. The National Security Study Memorandum, and President Biden’s directive to the National Security Advisor to develop a national strategy to combat corruption, represents a significant and timely elevation of the fight against corruption and financial secrecy.

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FACT Welcomes U.S. Congressional Anti-Kleptocracy Caucus Committed to Financial Transparency and Rule of Law

The U.S. Congress announced today the formation of the new, bipartisan Caucus Against Foreign Corruption and Kleptocracy. The caucus – chaired by Reps. Tom Malinowski (D-NJ) and John Curtis (R-UT) and vice-chaired by Reps. Bill Keating (D-MA) and Brian Fitzpatrick (R-PA) – will be a forum to educate and mobilize Members of Congress on cross-cutting domestic and foreign policy reforms to tackle corruption.

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