News Releases

New “Bahamas Leaks” Further Evidence For Ending Anonymous Companies Following “Panama Papers”

U.S. Among the Easiest Places in the World to Open Anonymous Shell Companies to Launder Money

WASHINGTON, D.C. — A new trove of leaked documents published today by the International Consortium of Investigative Journalists (ICIJ)—the group that brought the world the “Panama Papers” in April—continues to demonstrate the harms facilitated by anonymous shell companies.

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Broad Coalition Calls for Greater Disclosure Requirements from the SEC

WASHINGTON, D.C. – Nine groups—the AFL-CIO; Americans for Financial Reform; the Center for American Progress; Ceres; the Financial Accountability & Corporate Transparency, or FACT, Coalition; the International Corporate Accountability Roundtable; Patriotic Millionaires; Public Citizen; and US SIF: The Forum for Sustainable and Responsible Investment—are joining together to urge the U.S. Securities and Exchange Commission, or SEC, to strengthen corporate disclosure requirements.

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New Report: Investors at Risk by Lack of Corporate Tax Disclosures

Shareholders Increasingly Stymied by Opaque Corporate Tax Practices as Authorities Crack Down, Finds New FACT Analysis

Apple Tax Ruling “Just the Tip of the Iceberg”

WASHINGTON, D.C. – Investors are at an increasing risk due to the lack of information disclosed by companies about their tax practices, according to a new report published today by the FACT Coalition.

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Report Highlights Investor Risks from Anonymous Shell Companies

FACT Coalition Statement on New Global Witness and Global Financial Integrity Briefing

WASHINGTON, D.C. – A new report released today by Global Financial Integrity (GFI) and Global Witness emphasizes the importance to investors of knowing who owns and controls the companies with which they invest and with whom those companies do business.  Titled “Chancing It: How Secret Company Ownership Is a Risk to Investors,” the briefing highlights a number of financial and non-financial risks posed to companies and investors from anonymously-owned companies, and is published as global investors managing over $740 billion in assets released a letter calling on the U.S. government to adopt meaningful incorporation transparency legislation.

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On Apple, U.S. Should Follow Europe’s Lead – Level Playing Field for Small Business to Compete

Statement of the FACT Coalition on the E.U.’s Apple Ruling

WASHINGTON, D.C. – The European Commission today announced that Apple would have to re-pay Ireland roughly $14.5 billion in illegal tax breaks, after a three-year investigation discovered that the tech giant escaped with paying about 0.05% in taxes—compared to the official Irish rate of 12%.

Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement.

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World’s Largest Banks Endorse Ending Anonymous Shell Companies

Letter from The Clearing House Endorses Bipartisan Incorporation Transparency and Law Enforcement Assistance Act

WASHINGTON, D.C. – On Monday, the Clearing House Association—representing the world’s largest commercial banks—sent a letter to Congressional lawmakers supporting strong measures to crack down on the abuse of anonymous companies.  The group, which counts among its owners Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, explicitly endorses the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450, S.2489).

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New Report: Anonymous Shell Companies Driving Opioid Epidemic

New Fair Share Study Highlights 10 Cases that Connect Opioid Trafficking and Related Money Laundering to Anonymous Companies

WASHINGTON, D.C. – As opioid overdose deaths skyrocket, a new report released today by Fair Share Education Fund—a member of the FACT Coalition—highlights the role of anonymous shell companies in facilitating the money laundering, which drives the drug traffickers behind the crisis.  Titled “Anonymity Overdose,” the report highlights 10 cases that connect opioid trafficking and related money laundering to anonymous shell companies.

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Experts Troubled by Treasury Secretary Taking on “Role of Tax Lobbyist” for Apple

Statement by FACT Executive Director Gary Kalman

WASHINGTON, DC – U.S. Treasury Secretary Jack Lew is traveling to Europe this week for, among other reasons, the purpose of talking with European Commission officials to argue against invalidating a special tax deal that allows Apple to direct tens of billions of dollars in worldwide revenues to Ireland and pay a tax rate in the range of 1%.

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Anonymous Companies Fueling Waste, Fraud, and Abuse of Taxpayers’ Money

New Report Highlights Need for Congressional, Administrative Action

WASHINGTON, DC — A new report released today by Global Witness, a member of the Financial Accountability and Corporate Transparency (FACT) Coalition, highlights how anonymous shell companies are ripping-off taxpayers and putting the lives of American military personnel at risk.  The report is titled, “Hidden Menace: How Secret Company Owners Are Putting Troops at Risk and Harming American Taxpayers”.

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FACT Supports Treasury Actions to Counter Tax Inversions

Coalition Submits Comments in Support of Two Treasury/IRS Rules to Combat Abusive Tax Dodging by Multinationals

WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition submitted comments to the U.S. Department of the Treasury today in support of two proposed measures to combat abusive tax dodging through corporate tax inversions.  In April, the Treasury Department announced two new measures to make it harder for multinational corporations to invert to dodge taxes.  One measure targets a tax dodging technique known as “earnings stripping,” while the other rule targets repeat offenders known as “serial inverters.”

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