U.S. Among the Easiest Places in the World to Open Anonymous Shell Companies to Launder Money

WASHINGTON, D.C. — A new trove of leaked documents published today by the International Consortium of Investigative Journalists (ICIJ)—the group that brought the world the “Panama Papers” in April—continues to demonstrate the harms facilitated by anonymous shell companies.

Reacting to the new “Bahamas Leaks” investigation, Clark Gascoigne, the deputy director of the Financial Accountability and Corporate Transparency Coalition (or FACT Coalition), issued the following statement:

“This is yet another installment in the ongoing story of how dirty money flows through anonymous shell companies.  The ‘Bahamas Leaks’ highlights the complex web of companies and affiliates used to launder money from corrupt foreign leaders, executives and the lawyers and bankers who facilitate the transactions.

“First there was ‘Swiss Leaks.’  Then ‘Lux Leaks’ and the ‘Panama Papers.’  Now we have the ‘Bahamas Leaks.’  The sources of these leaks are, geographically, getting closer to the U.S.

“It is worth repeating that the U.S. remains one of the easiest places in the world for a criminal to set up an anonymous shell company that can be used to launder money.

“Perhaps with leaks coming from 50 miles off the Florida coast, it is time for Congress to pass the bipartisan bills that would put an end to this outrage.”

Additional FACT Coalition spokespeople are available to comment on the new Bahamas Leaks investigation, the Panama Papers, and the role of the U.S. as a money laundering haven.

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Notes to Editors:

• Click here to read an HTML version of this release.
• Click here for more on the Bahamas Leaks from the ICIJ.

Journalist Contact:

Clark Gascoigne
+1 202 813 0290
cgascoigne@thefactcoalition.org