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.

The Global Trend Towards Corporate Tax Transparency Accelerates: Just the Facts: March 22

March 22, 2021

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.

Worsening US Score in 2020 Corruption Perception Report Underscores Urgent Need for Reform

March 4, 2021

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.

FACT Coalition Welcomes Recommended Financial Transparency and Accountability Reforms in UN Panel Report

February 25, 2021

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.

Chatham House – Illicit Financial Flows LIVE 2021 Facilitating Partnerships to Combat Financial Crime

FACT Executive Director Ian Gary to speak at Chatham House Annual Conference on Illicit Financial Flows

New Administration, New Opportunities: Just the Facts: Feb 17, 2021

February 17, 2021

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.

Defense Bill Includes Two Landmark Transparency Provisions

January 29, 2021

As 2021 began, Congress passed two landmark laws that will help improve the transparency of federal contractors and combat the use of anonymous shell companies for money laundering.