Ownership Transparency | Page 72

FACT Calls for Strengthening of Treasury’s Anti-Money Laundering Proposal to Curb Abuse of Anonymous Companies

October 6, 2014

The FACT (Financial Accountability and Corporate Transparency) Coalition submitted comments to the U.S. Treasury Department on Friday welcoming the government’s proposed rule to require U.S. banks to know the true owner of all accounts opened in their institutions as a step toward pushing dirty money out of the American financial system, while cautioning that several elements of the proposal need to be strengthened.

FACT Comment on Notice of Proposed Rule Making Regarding Customer Due Diligence Procedures for Financial Institutions

October 3, 2014

The FACT Coalition submitted the attached comment to the U.S. Treasury Department’s Financial Crimes Enforcement Network in October 2014 regarding FinCEN’s notice of proposed rule making for customer due diligence procedures for financial institutions.

The Great Rip Off: New Report Shows How Anonymous American Shell Companies Are Used to Swindle Americans

September 25, 2014

With scams, frauds, and cons as prevalent as ever, a new report authored by Global Witness, with support from the FACT (Financial Accountability and Corporate Transparency) Coalition and others, thrusts anonymous American companies into the spotlight and demonstrates how crooks and the corrupt use them to rip people off.

FACT Coalition Awarded Smith Bagley Memorial Grant

July 15, 2014

In recognition of its efforts on corporate issues, the Financial Accountability and Corporate Transparency (FACT) Coalition was awarded the Arca Foundation’s Smith Bagley Memorial Grant.

FACT Sheet: Anonymous U.S. “Shell” Corporations: A National Security Code Red

April 10, 2014

Anonymous shell companies threaten U.S. security on many fronts. Requiring the disclosure of beneficial ownership information addresses the problem.

FACT Sheet: Why Beneficial Ownership Transparency Matters

April 9, 2014

Phantom firms can open bank accounts, wire money, buy property, and transact business like any other company, making them an attractive method for hiding, moving, and using money or other assets. As a result, phantom firms are often misused for a multitude of illegal or unethical activities.