News Releases

New Panama Papers Release Shows Vast Network of Secret Companies

U.S. Called Out as Among Easiest Countries to Open Anonymous Shell Companies Renewing Calls for Congressional Action

WASHINGTON, DC — The International Consortium of Investigative Journalists (ICIJ) published more than 200,000 documents from a trove of leaked files known as the Panama Papers this afternoon, renewing calls from anti-money laundering and tax policy experts in favor of bipartisan transparency measures to curb terror finance, corruption, and tax evasion.  The bill is called the Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450 |S. 2489).

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Anti-Money Laundering Experts Deeply Concerned by Administration’s Flawed ‘Panama Papers’ Response

Loopholes in New Treasury Rule Perpetuate Problem of Anonymous U.S. Shell Companies—Enabling Terror Finance, Crime, and Corruption

WASHINGTON, DC – Leading anti-corruption, anti-money laundering, and tax policy experts expressed deep concerns about a set of rules and proposals announced by the Obama Administration last night in the wake of the so-called “Panama Papers” revelations.

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After Panama Papers, Scores Descend on Capitol Urging Tax and Transparency Solutions

Former Reps. Claudine Schneider (R-RI) and Mary Jo Kilroy (D-OH) among over 70 Faith, Small Business, Law Enforcement, Local Leaders Pushing for Bi-Partisan Tax and Transparency Policies

WASHINGTON, D.C. – Following the recent exposé dubbed the “Panama Papers,” a bi-partisan grouping of more than 70 faith leaders, small business owners, local leaders, and public interest advocates from 25 states will be on Capitol Hill this week to urge lawmakers to support tax and transparency legislation that benefits small businesses, taxpayers, and vulnerable communities.

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FACT Coalition Applauds Move by Treasury to Curb Harmful Inversions and Earnings Stripping

Statement of Clark Gascoigne, Interim Executive Director, Financial Accountability and Corporate Transparency (FACT) Coalition

Note: Yesterday evening the U.S. Department of Treasury announced regulatory actions to further limit the ability of multinational corporations to benefit from the tax avoidance maneuvers known as “inversions” and “earnings stripping.”

WASHINGTON, DC – Clark Gascoigne, the Interim Executive Director of the Financial Accountability and Corporate Transparency (FACT) Coalition, issued the following statement today reacting to the announcement of new measures by the U.S. Department of the Treasury to counter corporate tax inversions:

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Spokespeople Available: Leaked #PanamaPapers Expose Deadly World of Anonymous Shell Companies

U.S. the 2nd Easiest Place in the World to Open Anonymous Shell Companies to Launder Money

70+ Faith Leaders, Small Business Owners, Citizen-Lobbyists Headed to Washington Next Week to Call on Lawmakers to End Abuse of Anonymous Companies

WASHINGTON, DC — A trove of more than 11 million documents from a Panamanian law firm leaked to the International Consortium of Investigative Journalists shows the deadly, devastating toll that anonymous companies take on the world, highlighting the need for U.S. action, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.

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FACT Welcomes Anti-Tax Dodging Proposal; Urges Treasury to Strengthen, Clarify Rule

FACT Coalition Submits Comments to the U.S. Department of the Treasury and the Internal Revenue Service on Proposed Country-by-Country Reporting Rule

WASHINGTON, DC – The Financial Accountability and Corporate Transparency Coalition (or FACT Coalition) submitted comments to the U.S. Department of the Treasury and the Internal Revenue Service today offering strong support for—and recommending measures to further strengthen and clarify—a proposed rule to crack down on abusive tax avoidance by multinational corporations.

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Tax Reform Should Close Offshore Loopholes, End Tax Haven Abuse

FACT Coalition Submits Comments to House Ways and Means Committee Ahead of International Tax Reform Hearing

WASHINGTON, D.C. – Ahead of a planned hearing on international tax reform, the FACT (Financial Accountability and Corporate Transparency) Coalition today submitted comments to the U.S. House Committee on Ways and Means urging lawmakers to focus reform efforts on closing offshore loopholes and ending tax haven abuse.

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FACT Welcomes Bipartisan Bill to Curb Terror Financing, Money Laundering Through Anonymous Shell Companies

Incorporation Transparency and Law Enforcement Assistance Act” Will Increase Corporate Transparency; Give Law Enforcement Important Tool for Investigating Terrorism, Other Crimes

Rampant Abuse of Anonymous Companies Featured Prominently on Sunday’s 60 Minutes

WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed the introduction today of bipartisan legislation to give law enforcement an important tool for investigating terrorism and other crime enabled through anonymous American shell companies.

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