Press

Video: Rep. Axne Confronts FASB on Tax Disclosure

Rep. Cynthia Axne (D-IA) Washington, DC Representative Cynthia Axne (D-IA) confronts Russell Golden the Chairman of the Financial Accounting Standards Board on why their most recent proposal did not include tax disclosures in spite of global trend toward …

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Legislation Will End Anonymous Shell Companies

By Tyler Morrow

Sheriff Carolyn Welsh of Chester County, Pennsylvania published an op-ed in the Daily Local calling on Congress to pass ILLICIT CASH Act (S. 2563) to ensure local law enforcement can fulfill their duty to serve and protect.

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Sustainability Panel Finalizes Public Tax Transparency Standard

New Rule from Global Reporting Initiative Could Bring Public Country-by-Country Reporting of Taxes, Profits, Revenues, and Employees to Thousands of Companies

WASHINGTON, D.C. – A global sustainability standard-setting body finalized a proposal on Thursday to have multinational companies publicly disclose basic financial information on a country-by-country basis — a move that was praised by transparency advocates.

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In Historic Vote, House Passes Bipartisan Bill to End Anonymous Companies

First Time Legislation to End Anonymous Companies Passes Either Chamber of Congress

Measure Received Support from White House Prior to Vote

Statement by Gary Kalman, Executive Director of the FACT Coalition

WASHINGTON, D.C. — With a bipartisan vote of 249 to 173, the House of Representatives passed a bipartisan bill Tuesday night to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S.  After more than a decade of debate in Washington, Tuesday’s vote in favor of the Corporate Transparency Act of 2019 (H.R.2513) represents the first time that legislation to end anonymous companies has made it through either Chamber of Congress.

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Eight Key Senators Introduce Bipartisan Bill to Combat Anonymous Companies

ILLICIT CASH Act Opens Viable Pathway to Senate Passage

Statement by Gary Kalman, Executive Director of the FACT Coalition

WASHINGTON, D.C. — A bipartisan group of eight U.S. senators on a key Senate committee introduced legislation Thursday to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S.

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Just the FACTs: August 22, 2019

As August recess wraps up, the prospect for action on beneficial ownership is becoming more likely. In June the Corporate Transparency Act (H.R. 2513) passed out of the House Financial Services Committee by a bipartisan vote of 43-16. It’s sister bill (S.1978) was introduced in the Senate. Two beneficial ownership transparency bills, the TITLE Act (S.1889) and a discussion draft of the ILLICIT CASH Act, have been the subject of hearings. FACT’s Executive Director Gary Kalman testified before the Senate Banking Committee in June to address, among other issues, the impact of legislation on small business.  He noted that “more than three quarters of small business owners felt the tradeoff — reporting burden vs. the prevention of unfair competition from anonymous shell companies  — was worth it.”

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Senators Introduce Bipartisan Bill as Leak of Odebrecht’s “Bribery Division” Underscores Need to End Anonymous Companies

Wyden, Rubio, and Whitehouse’s “Corporate Transparency Act” — Companion to Maloney and King’s H.R.2513 — Would End Incorporation of Anonymous Companies in the U.S.

WASHINGTON, D.C. — Bipartisan momentum to end the incorporation of anonymous companies in the United States escalated on Wednesday following the publication of an international exposé on the scandal-plagued Odebrecht’s “Bribery Division,” as Senators Ron Wyden (D-OR), Marco Rubio (R-FL), and Sheldon Whitehouse (D-RI) introduced legislation that would require companies to disclose their true owner(s) when they incorporate and keep their ownership information up to-do-date.

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Testimony to Senate Banking Committee on Beneficial Ownership Information

Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, testified in front of the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Thursday, June 20, 2019 at a hearing regarding nongovernmental perspectives on the impact of collecting beneficial ownership information as part of legislation designed to protect the U.S. financial system.

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