Letter to Congress in Support of the Kleptocracy Asset Recovery Rewards Act (H.R. 389)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the House Financial Services Committee in support of the Kleptocracy Asset Recovery Rewards Act (H.R. 389). The full letter can be read below or downloaded here.

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March 13, 2019

The Honorable Maxine Waters
Chairwoman
U.S. House Committee on Financial Services
2129 Rayburn House Office Building
Washington, D.C. 20515

The Honorable Patrick McHenry
Ranking Member
U.S. House Committee on Financial Services
4340 O’Neill House Office Building
Washington, D.C. 20024

Re: Kleptocracy Asset Recovery Rewards Act (H.R. 389)

Dear Chairwoman Waters and Ranking Member McHenry,

We are writing on behalf of the Financial Accountability and Corporate Transparency (FACT) Coalition to convey our support for the Kleptocracy Asset Recovery Rewards Act (H.R. 389), sponsored by Representatives Stephen Lynch (D-MA), Ted Budd (R-NC), and Steve Cohen (D-TN).

The FACT Coalition is a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices.¹

H.R. 389 would establish a rewards program for whistleblowers — encouraging individuals to inform the U.S. government about assets in the U.S. financial system that are connected to foreign corruption, enabling authorities to reclaim and return the money and deter foreign corruption moving forward.

Foreign corruption is a major economic and national security threat to the United States. Corruption undermines the rule of law, provides the lifeblood of authoritarian regimes and enables transnational organized crime to flourish. It diverts precious resources away from those who most need them, and fosters disillusionment with government — sometimes leading to the rise of terrorist networks.

The bipartisan Kleptocracy Asset Recovery Rewards Act is a sensible tool to safeguard American citizens and businesses from the scourge of corruption.

Should you have any questions, please feel free to contact Clark Gascoigne at +1 (202) 810-1334 or cgascoigne@thefactcoalition.org.

Sincerely,

Gary Kalman
Executive Director
The FACT Coalition

Clark Gascoigne
Deputy Director
The FACT Coalition

Members of the House Financial Services Committee

FOOTNOTES:

For a full list of FACT Coalition members, visit https://thefactcoalition.org/about/coalition-members-and supporters/

About the FACT Coalition

The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.

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