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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.

Letter from the CEOs of Dow Chemical, Salesforce, Unilever, Allianz, Virgin, and the Kering Group supporting beneficial ownership disclosure.

Business leaders, financial institutions, investors and governments are taking action to end anonymous companies. On June 28, lawmakers introduced two bills in the United States House of Representatives and Senate which will make it harder for criminals to use anonymous shell companies as vehicles for fraud, crime, and corruption.

Today B Team Leaders and CEOs Andrew Liveris, Paul Polman, Marc Benioff, François-Henri Pinault, Oliver Bäte and Josh Bayliss sent a letter to key members of Congress in support of these legislative efforts.

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Letter to Sens. Whitehouse, Grassley, and Feinstein Supporting True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454),  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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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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