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.
Treasury says it will continue ownership information reporting after legal setback in Alabama, and FACT provides comments on Australia’s revised public country-by-country reporting draft legislation.
El viernes 1 de marzo, un juez federal de distrito de Alabama emitió un fallo declarando la inconstitucionalidad de la Ley de Transparencia Corporativa (CTA, por sus siglas en inglés), ley emblemática contra el lavado de dinero en los Estados Unidos.
On March 1, a federal district judge in Alabama issued an opinion finding the landmark Corporate Transparency Act unconstitutional, potentially undermining a once-in-a-generation U.S. anti-money laundering and national security victory.
In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
FACT Executive Director Ian Gary reflects on the policy victories, new Coalition members, media hits, and emerging issues that defined FACT’s 2023, and turns an eye to the year ahead.
Treasury begins accepting ownership information reports under the Corporate Transparency Act, the Foreign Extortion Prevention Act is signed into law, and the Biden Administration provides an update on long-awaited AML reforms for real estate and private investment markets.
