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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.

Ernst and Young Study Finds that 91% of Senior Business Executives Believe that Beneficial Ownership Information is Important

Never before have governments and multinational institutions cooperated so extensively in combating bribery and corruption. The transnational nature of the issue led the G20 major economies to recognize bribery and corruption as an important impediment to economic growth and the group’s focus on corruption has continued under its Chinese presidency in 2016. The G20 outlined its priorities in the “2015-2016 G20 Anti-Corruption Action Plan” identifying key areas where economies and multinational organizations must strengthen their cooperation.

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Spokespeople Available: Leaked #PanamaPapers Expose Deadly World of Anonymous Shell Companies

U.S. the 2nd Easiest Place in the World to Open Anonymous Shell Companies to Launder Money
70+ Faith Leaders, Small Business Owners, Citizen-Lobbyists Headed to Washington Next Week to Call on Lawmakers to End Abuse of Anonymous Companies
WASHINGTON, DC — A trove of more than 11 million documents from a Panamanian law firm leaked to the International Consortium of Investigative Journalists shows the deadly, devastating toll that anonymous companies take on the world, highlighting the need for U.S. action, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.

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FACT Welcomes Bipartisan Bill to Curb Terror Financing, Money Laundering Through Anonymous Shell Companies

“Incorporation Transparency and Law Enforcement Assistance Act” Will Increase Corporate Transparency; Give Law Enforcement Important Tool for Investigating Terrorism, Other Crimes
Rampant Abuse of Anonymous Companies Featured Prominently on Sunday’s 60 Minutes
WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed the introduction today of bipartisan legislation to give law enforcement an important tool for investigating terrorism and other crime enabled through anonymous American shell companies.

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Fortune Magazine Op-Ed: It’s Time for the U.S. to Deal With Tax Evaders

America Is the World’s Newest Tax Haven
If I asked you to name the world’s biggest tax haven, you might come up with the Cayman Islands, Bermuda, or Luxembourg. Those of you following the recent series of so-called “corporate tax inversions” might guess Ireland.

You probably wouldn’t think of the United States, but the latest edition of Bloomberg Businessweek points its finger squarely at Uncle Sam—and not without reason.

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