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 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.
Lawmakers took a major step toward ending anonymous companies with the bipartisan unveiling of legislative text for the annual must-pass defense bill.
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.
FACT sent policy recommendations for the FACTI Panel final report.
FACT makes recommendations to President-Elect Biden’s transition team to advance corporate and financial transparency and tax reforms.
Support for Beneficial Ownership Transparency is widespread, crossing industries and the ideological spectrum. Here is a list of supporters.
