The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Sens. Wyden and Rubio thanking them for their support regarding Corporate Transparency Act (S.1717), which aims to combat terrorism and financial crimes by ending the incorporation of anonymous companies in the United States. The full letter can be read below or downloaded here.
____________________
August 3, 2017
The Honorable Ron Wyden
United States Senate
221 Dirksen Senate Office Building
Washington, DC 20510
The Honorable Marco Rubio
United States Senate
284 Russell Senate Office Building
Washington, DC 20510
RE: Corporate Transparency Act (S.1717)
Dear Senators Wyden and Rubio,
On behalf of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition), we thank you for your leadership in sponsoring the Corporate Transparency Act (S.1717). 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.
This bill would create new tools to effectively combat terrorism and financial crimes by ending the incorporation of anonymous companies in the United States. Specifically, this legislation would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. Anonymous companies formed in the U.S. have been used for a wide range of dangerous and illicit activities, including as fronts for rogue countries to evade sanctions, to cloak arms dealers shipping weapons into conflict zones, to fuel the opioid crisis in communities across the country, to engage in human trafficking, to rip off Medicare, and to undermine the safety of our troops through the sale of faulty equipment.
The increased accountability made possible by the bill would make it much harder for these criminals to hide behind shell companies to perpetrate schemes to defraud legitimate businesses, investors, or taxpayers.
Your bill comes at a critical time. There has never been more momentum behind the effort to end anonymous companies than there is right now. We look forward to continuing to work with you and your staff on this legislation so that we can end the abuse of anonymous companies.
For additional information, please contact Clark Gascoigne at cgascoigne@thefactcoalition.org or +1 (202) 810-1334. Thank you again for your commitment to this important issue.
Sincerely,
Gary Kalman
Executive Director
The FACT Coalition
Clark Gascoigne
Deputy Director
The FACT Coalition
cc The Honorable Mike Crapo
The Honorable Sherrod Brown
Members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs
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.
1225 Eye St. NW, Suite 600 | Washington, DC | 20005 | USA
+1 (202) 827-6401 | @FACTCoalition | www.thefactcoalition.org