The Financial Accountability and Corporate Transparency (FACT) Coalition, an international transparency advocacy group, said it supported the regs and urged Treasury to “accelerate the remaining rulemaking processes to fully implement this groundbreaking anti-money-laundering reform.”
Ian Gary, the executive director of the FACT Coalition, called the release of the new rule “a historic moment in the decades long fight to rid the U.S. of dirty money.”
“We are pleased that Chair Gensler indicated today that the SEC is looking at the need for increased tax and financial reporting by big multinational companies to inform investors and other stakeholders,” said FACT Executive Director Ian Gary.
Without public country-by-country reporting, investors have little knowledge about the tax strategies of companies they own and the degree to which they may be engaging in risky tax behavior. The Securities and Exchange Commission must address the chasm between what companies know and what they disclose to investors.
FACT’s Policy Director Ryan Gurule is quoted in Bloomberg: “New York is one of the most desirable commercial and real estate markets in the world, and kleptocrats, sanction evaders and otherwise bad actors want to access those markets anonymously,”
FACT’s Ryan Gurule is quoted in the Wall Street Journal: “Private funds are “a black hole” because of their lack of requirements for vetting and reporting investors,”
