FACT’s Ian Gary and Erica Hanichak are quoted in PBS Frontline:
“Ian Gary, executive director of the FACT Coalition, said that while the Biden administration stakes a strong position with the strategy, “The issues … will be related to when the strategy meets the real world, after the excitement of this week has faded…We’ll be watching very closely to see whether the resources that are needed — financial, human and otherwise — are devoted to implementing the strategy,” he said.”
The article quotes Erica Hanichak on the need to address the role of trusts in promoting financial secrecy threat:
“There are certain trusts and other entities exempt from the Corporate Transparency Act that may still pose risks,” Hanichak said. “There’s an opportunity for Congress to help fill that gap, examine those exemptions and see if they warrant further legislative action.”
The article also quotes Erica Hanichak on her testimony before the House Ways and Means Subcommittee during a hearing on Pandora Papers and hidden wealth:
“By the Ways and Means subcommittee holding this hearing, it sends a clear signal that Congress plans to take action in the wake of the Pandora Papers to close this vital loophole,” Hanichak, who testified at the hearing, told FRONTLINE later.
Also in the hearing, Rep. Steven Horsford (D-N.V.) asked Hanichak whether “the adaptability of the financial system” would help individuals evade scrutiny in other ways, even if gatekeepers are more closely regulated.
In her response, Hanichak referenced the Corporate Transparency Act draft rule released two days earlier, saying FinCEN should make the rule apply broadly enough that “we’re not just regulating one entity today that will contort into the next entity.”
“Working with the administration to make sure that’s robustly carried out would be critical for Congress to follow through with,” she said.