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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.

Joint Letter from 44 Organizations Supporting the TITLE Act (S.1454)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition)  joined 43 other organizations to send a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act [S. 1454], which would require companies to disclose information about the real people who own or control them (often called the “beneficial owners”) at the time they are created.

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Letter to Reps. Maloney, King, Royce, Waters, and Moore Supporting Corporate Transparency Act (H.R. 3089)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Reps. Maloney, King, Royce, Waters, and Moore supporting the Corporate Transparency Act (H.R. 3089),  which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.

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Bipartisan Bills Target Criminal Money Laundering, Terror Financing

Transparency Measures Have Broad Support from Financial Institutions, Law Enforcement, and Anti-Corruption Advocates
WASHINGTON, D.C. – Bipartisan pieces of legislation introduced on June 28, 2017 aim to crack down on one of the prime enablers of criminal money laundering and terrorist financing — the abuse of anonymous shell companies.

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A Simple Step to Address a Far-Reaching Problem

Today, Senators Whitehouse, Grassley, and Feinstein and Representatives Maloney, King, Royce, Waters, and Moore introduced a bipartisan bill to end the use of anonymous shell companies.  If passed by Congress and signed by the President, the measure would disrupt the global system for money laundering used by corrupt public officials, terrorists, drug cartels, human trafficking operations, and others and provide leadership to the international move toward transparency.

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Joint Letter from 44 Organizations Supporting the Corporate Transparency Act (H.R. 3089)

The FACT Coalition joined 43 other organizations to send a letter to Reps. Maloney, King, Royce, Waters, and Moore supporting the Corporate Transparency Act (H.R. 3089), which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.

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