Experts See Reason for Optimism as U.S. Policymakers Push Legislation to End Anonymous U.S. Companies
WASHINGTON, D.C. — The United States is the second largest provider of financial secrecy in the world, trailing only the Cayman Islands, according to a new index published today by the London-based Tax Justice Network (TJN). TJN’s 2020 Financial Secrecy Index found that the United States increased its level of financial secrecy since the previous iteration of the rankings were published in 2018. TJN is partnering with the Financial Accountability and Corporate Transparency (FACT) Coalition for the U.S. launch of the 2020 FSI at an event in Washington on Wednesday morning.
Clark Gascoigne, the interim executive director of the FACT Coalition, issued the following statement:
“As this data clearly demonstrates, financial secrecy remains a major problem in the U.S. — enabling crimes like human trafficking, tax evasion, and corruption both at home and abroad. Fortunately, there is reason for optimism that the days of abusing anonymous U.S. companies may be coming to an end.
“The U.S. House of Representatives passed a bipartisan measure — the Corporate Transparency Act — in October to end the abuse of anonymous companies. Similar legislation, known as the ILLICIT CASH Act, is now being considered by the Senate Banking Committee. After more than a decade of debate, 2020 should be the year that the U.S. finally enacts major transparency reforms to better protect our financial system from abuse.”
###
Notes to Editors:
- Click here for an online version of this release.
- Click here for more information from Tax Justice Network about the 2020 FSI.
- Click here to register for the U.S. launch event, which will take place on Wednesday, February 19, 2020 at 9:30am on Capitol Hill (SD-106, Dirksen Senate Office Building).
Journalist Contact:
Clark Gascoigne
+1 202 810-1334
cgascoigne@thefactcoalition.org