Video: Senator Carl Levin, 2014 FACT Advocacy Days Address
Senator Carl Levin speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
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.

Senator Carl Levin speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
Rep. Lloyd Doggett speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
Tim Richardson, Senior Legislative Liaison with the Fraternal Order of Police, speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
David Boris, Owner of Hel’s Kitchen Catering in Northbrook, IL., speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
Despite the damage that shadow banking and financial secrecy has caused to global markets and local budgets today’s release by the Tax Justice Network (TJN) of their 2013 Financial Secrecy Index ranking the world’s nations by their financial concealment shows a global financial network still remains hidden in the shadows. The FACT (Financial Accountability and Corporate Transparency) Coalition sees many opportunities for the U.S. to not only take action on this issue, but also in the process bring in new revenue to alleviate some of the constraints imposed under sequestration.
Today’s commitment from the Prime Minister of the United Kingdom to make a registry of the actual owners of corporations publicly available represents significant progress toward cracking down on anonymous companies polluting the globe. Because the United States is a prime destination for setting up anonymous companies that are used to facilitate crime and move dirty money, members of the FACT (Financial Accountability and Corporate Transparency) Coalition urge the U.S. to follow through on its G8 commitment to collect information about the ultimate owners of companies. The coalition encourages the U.S. to join the UK by pledging to make this information available to the public.