“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and money laundering through the financial system.
Send feedback or items for future newsletters to Thomas Georges at tgeorges@thefactcoalition.org
State of Play
New York Times Spotlights Offshore Profit Shifting, Drawing on New Corporate Tax Disclosures Analyzed by FACT
Evidence of widespread corporate offshore tax avoidance continues to mount as more companies file their first financial statements incorporating newly expanded tax reporting requirements. A recent New York Times investigation details how around 500 companies reported more than $40 billion in tax savings from offshore haven jurisdictions like Malta, Ireland, and Bermuda in 2025. In March, a FACT analysis found that 40 of the largest U.S. companies reported more than $11.5 billion in net tax haven savings. Discrepancies between FACT and the New York Times’ figures are the result of differences in both scope and methodology.
"Exxon and Chevron pay more in taxes abroad than they pay in the US, as detailed in a report by @factcoalition.bsky.social ….The new reporting requirements are particularly relevant now, as the gas and oil industry’s tax avoidance continues while Americans face rising costs at the pump."
— Zorka Milin (@zorkamilin.bsky.social) June 3, 2026 at 1:58 PM
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FACT’s analysis of new disclosures by oil and gas companies was spotlighted by the Institute on Taxation and Economic Policy (ITEP) in a recent blog. In addition, last month, an article in Tax Notes argued that FACT’s initial analysis “weaponized [the new disclosures] as a tool to taint corporate taxpayers and focus attention on the need for higher statutory rates and fewer exemptions.” FACT policy director Zorka Milin replied in a letter to the editor that “…our tally is likely to be a substantial underestimate… [FACT’s] methodological notes are nearly as long as the analysis itself. These caveats don’t obscure the unmistakable fact that many large American companies are dramatically reducing their tax expense through offshore tax structures, and current rules aren’t doing much to stop them.”
Federal Watchdog Highlights Significant Vulnerabilities From Shell Companies Following Treasury’s Gutting of Ownership Reporting Law
A recent study by the Government Accountability Office (GAO) shows how the Treasury’s decision to unlawfully gut the Corporate Transparency Act (CTA) exposes the U.S. to substantial illicit finance risks. While Congress passed the CTA in order to end the abuse of anonymous shell companies by drug traffickers, fraudsters, and other criminals, in March 2025 Treasury exempted domestic entities and individuals from reporting requirements under the law, effectively repealing the statute by fiat.
The GAO’s report confirms what law enforcement, anti-money laundering experts, lawmakers, and anti-corruption advocates have been saying: eliminating ownership reporting requirements for the vast majority of anonymous shell companies will endanger American communities and markets. Following the report’s release, Ranking Member of the Senate Banking Committee Elizabeth Warren noted in a statement that the report “confirms that Treasury gutted a bipartisan law designed to crack down on the abuse of shell companies, exempted 99 percent of the entities previously required to report, and has failed to address the significant risks this rollback created.”
Ranking Members of Senate Banking, Finance Committees Call on Treasury to End Indirect Purchases of Illicit Gold
Last month, Senators Ron Wyden (D-OR) and Elizabeth Warren (D-MA) sent a letter to Treasury Secretary Scott Bessent calling for “immediate action” to end the purchase of cartel-linked and other illicit gold by the U.S. Mint. As detailed in FACT’s 2025 report Money Laundering from Environmental Crime: Typologies and Trends in Countries in the Amazon Region, the U.S. is the single most common foreign destination for illegally sourced environmental products like gold, as well as the most common destination for dirty money associated with their sale.
The Senators’ letter comes on the heels of bombshell reporting by the New York Times that shows how the Mint has “flouted” a 1985 law prohibiting the use of foreign gold for official bullion. The Times’ investigation tracked hundreds of millions of dollars in foreign gold entering the Mint’s supply chain over a number of years, much of which traces back to countries where the gold mining industry is linked to drug cartels and other criminal groups, including Colombia and Nicaragua. As the Senators note in their accompanying press release, “Sales of illicit gold have become one of the largest sources of profit for terrorist groups and cartels, helping facilitate the production and trafficking of illicit drugs into the United States.”
Latest from FACT
As Illegal Mining Booms, Government Guidance Fails to Keep Up
A Newsweek op-ed from FACT’s Julia Yansura and World Wildlife Fund UK’s John Dodsworth argues that governments and financial institutions must recognize the unique risks and challenges posed by illicit finance flows from illegal mining.
From the op-ed: “Weak direction from governments limits the effectiveness of the financial sector as a front line defense. Without clear expectations, financial institutions are less able to align transaction monitoring, due diligence, and reporting with actual risk exposure. This ultimately allows illicit proceeds from illegal mining to move more easily through the financial system, undermining both financial integrity and environmental protection efforts.”
FACT Sheet: What to Know About the U.S. FATF Evaluation, and Why It Matters
Read a new FACT Sheet on the ongoing U.S. “mutual evaluation” by the Financial Action Task Force (FATF), the world’s leading standard-setter on anti-money laundering (AML) and countering the financing of terrorism (CFT) policy.
Recent developments – including the rollback of the Corporate Transparency Act (CTA) and numerous cuts to white collar crime enforcement by the Trump administration – have shown that the U.S. is backsliding on the broader fight against illicit finance. A weak FATF evaluation could have meaningful consequences, including damaging the United States’ credibility as a global leader on financial transparency and opening the door to increased scrutiny from international financial institutions.
FACT in the News
Senate Bill Takes Aim at Corporate Transparency Act
FACT deputy director Erica Hanichak was quoted in Thomson Reuters’ coverage of a new Senate bill that would codify the Treasury’s unlawful interim final rule (IFR) limiting reporting requirements under the Corporate Transparency Act, effectively gutting the law. The new Senate bill mirrors H.R. 425, which advanced out of the House Financial Services Committee in April.
FACT’s Julia Yansura spoke alongside other experts about illegal gold, money laundering, and the role of the United States ahead of the May 10 Colombian presidential debate on environmental security. Segments of Yansura’s interview were played back and addressed by candidates during the debate. “The U.S. is currently the top destination for Colombian gold,” Yansura said. “In this regard, the U.S. is a big part of the problem and this means that it also needs to be considered as part of any solution.”
From Our Members and Allies
NPR: Who’s Behind that Shell Company? We May Never Know
Gary Kalman, executive director of Transparency International U.S., joined NPR to discuss the Trump administration’s gutting of the Corporate Transparency Act (CTA). Longtime corporate transparency advocate, retired Air Force Lieutenant Colonel, and current co-chair of the Global Politics and Security program at Georgetown University’s School of Foreign Service Jodi Vittori was also interviewed for the piece.
In his remarks, Kalman noted a particularly egregious instance of the abuse of shell companies to endanger national security involving a Taliban-affiliated shell company that was granted a substantial U.S. government contract. “You are right to go, ‘wait, wait, this is insane’. We were literally paying people who were shooting at our troops. We were probably paying for those bullets and guns…it was millions of dollars.”
International Crisis Group: A Jungle Heist – Shielding the Amazon from Organised Crime
Read the latest report by the International Crisis Group on the economic forces driving rapid deforestation and destruction of the Amazon by organized crime groups.
From the report: “Criminal proceeds must eventually pass through the financial system. Many of those responsible for environmental crimes in the Amazon shield their assets behind shell companies in jurisdictions with weak disclosure requirements. The U.S. Treasury’s March 2025 decision to exempt domestic entities and U.S. citizens from the Corporate Transparency Act — which had required disclosure of beneficial ownership information to combat money laundering — has weakened some of the controls that could be used to staunch criminal activity.”
A new report by FACT-member ITEP makes the case that efforts aimed at better taxing dynastic wealth and the ultra-rich must center on corporate tax reforms, including strengthening how the U.S. taxes the foreign profits of its multinational corporations. FACT staff contributed to the report’s peer review process. FACT policy officer Thomas Georges also joined experts from ITEP and the Washington Center for Equitable Growth at a virtual press release accompanying the report launch, where he spoke about the need to cement the OECD-negotiated global corporate minimum tax to guard against future runaway domestic corporate tax breaks. Georges’ remarks at the virtual launch were later picked up in coverage by Tax Notes.
Under the global minimum tax, “Even if the U.S. doesn’t implement the agreement, tax will still be collected by participating countries,” Georges said. “Resilience is really built into the global minimum tax. In a world in which this tax really takes root, it doesn’t matter what the attitude of a given Congress or administration is toward corporate tax.”
Job Openings
Americans for Tax Fairness: Position Available – Executive Director
Americans for Tax Fairness (ATF) is seeking its next Executive Director to lead a strong and effective organization and build on ATF’s important work. The next Executive Director will succeed David Kass, who has led the organization for the past three years.
The position will remain open until filled, though the ATF Steering Committee’s goal is to have the new Executive Director in place by September 15, 2026. Interested applicants should submit a cover letter, resume, and contact information for three references with the subject line ATF EXECUTIVE DIRECTOR to jobs@americansfortaxfairness.org.
Recent and Upcoming Events
Organizers, advocates, policy experts, and philanthropic partners are convening in Detroit to bridge state and federal strategies, align around shared principles, and catalyze collective action. FACT’s Erica Hanichak and Zorka Milin will be attending the Summit in Detroit. If you are attending, please reach out to make sure we can say hello!
Policymakers, tax administrators, international and regional organisations, as well as representatives from business and civil society, come together to explore how stronger tax capacity, better tax policy and improved compliance can deliver greater development impact in developing countries. All sessions are publicly available, and will be held virtually on Zoom.
June 23: International Budget Partnership (IBP) – Making Public Money Work for All
Join IBP for an event bringing together development practitioners, civil society leaders and policymakers launching the 2025 Open Budget Survey and taking stock of what 20 years of the Survey reveals about the gap between fiscal policy on paper and outcomes in practice. The event will be held from 10:00–11:30am EDT in-person in Washington, D.C. RSVP at the link above.
June 25: Gold’s Dark Web – The Hidden Price of a Booming Market
FACT program director for environmental crime and illicit finance Julia Yansura will speak at an event on illicit gold during London Climate Action Week on June 25 from 12:00-1:15pm GMT. Yansura will join a diverse panel of experts from environmental organizations, Indigenous communities, financial institutions and public policy spheres. In her remarks, Yansura will make the case that the upcoming UK-hosted Illicit Finance Summit, as well as the UK’s presidency of the Financial Action Task Force (FATF) and the G20 are defining opportunities to act to stop the scourge of illicit gold.
June 21-28: Fair Tax Week 2026
On Monday, June 22, FACT policy director Zorka Milin will participate in a virtual panel discussion titled “PCbCR in Practice: A Landmark Year for Reporting Worldwide” as part of Fair Tax Week 2026, which will focus on new financial disclosures available under revised accounting standards in the U.S. and the implementation of enhanced corporate tax transparency measures in the EU and Australia. RSVP for the conversation here.
About the FACT Coalition