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.

Stop Corruption: End Anonymous Companies

December 9, 2020

On the eve of International Anti-Corruption Day, the U.S. House of Representatives passed an historic measure to end anonymous companies by a veto-proof margin. The Corporate Transparency Act, included in the annual “must-pass” defense bill known as the National Defense Authorization Act, is expected to become law before the end of the year. As we mark International Anti-Corruption Day, this significant step forward for the U.S., which has historically lagged behind other nations–hopefully ushers in a new era of U.S. leadership on transparency and anti-corruption.

Teeing Up Final Senate Vote, House Passes Historic Bill to End Anonymous Companies by Veto-Proof Margin

December 8, 2020

By a veto-proof margin, the House of Representatives passed legislation ending anonymous companies on the eve of International Anti-Corruption Day, teeing up final Senate passage.

FACT Letter Supports Passing Beneficial Ownership (Title LXIV) in the NDAA

December 8, 2020

FACT sent a letter on the eve of the final NDAA vote urging to congressional leaders to pass beneficial ownership reforms before the end of the year.

FACT Remarks at Press Conference with Rep. Maloney Celebrating Expected Passage of Corporate Transparency Act

December 7, 2020

The FACT Coalition joined Congresswoman Maloney at a press conference to applaud the Corporate Transparency Act’s inclusion in the National Defense Authorization Act, a must pass bill that is expected on the House floor this week.

U.S. Congress Close to Ending Anonymous Companies Abused by Criminals and Corrupt Actors

December 3, 2020

Lawmakers took a major step toward ending anonymous companies with the bipartisan unveiling of legislative text for the annual must-pass defense bill.

Just the FACTs: November 20, 2020

November 20, 2020

More than a decade after FACT Coalition member organizations began working to end anonymous companies, Congress is nearing the finish line to finally pass a bill that could do just that.