Bad actors beware – it’s #KleptoMonth again in Washington, D.C. In their announcement last Friday, the bipartisan leadership of the Congressional Caucus against Foreign Corruption and Kleptocracy (CAFCAK) joined dozens of civil society activists, the FACT Coalition among them, in calling for the rest of Congress to take action.
On May 25, Amazon shareholders representing $144 billion backed a shareholder proposal calling for increased tax transparency by the company at its annual general meeting. The proposal represents a first of its kind campaign by investors to advance a vote on public country-by-country reporting.
The United States has been ranked the most secretive financial jurisdiction in the world for the first time, according to the 2022 Financial Secrecy Index (FSI), a comprehensive study from the Tax Justice Network launched in the U.S. by the FACT Coalition on May 17th
On April 28th, Himamauli Das, Acting Director of FinCEN, appeared before the House Committee on Financial Services in an important oversight hearing to provide an update on FinCEN’s implementation of the Anti-Money Laundering Act of 2020 (AML Act), including the Corporate Transparency Act (CTA).
This month, Treasury Secretary Yellen appeared before the House Financial Services Committee and responded to concerns over the Corporate Transparency Act’s (CTA) delayed implementation. In her answer, Yellen assured lawmakers that the second of the CTA’s three required rulemakings would be drafted “this year, in the coming months.”
The Kremlin’s continued, barbaric invasion of Ukraine has shone a light on the paramount importance of providing support for sanctions enforcement and closing the blindspots to corrupt and illicit flows in our financial system. Underfunding and understaffing threaten to take the bite out of sanctions and give Putin cover from the West’s best financial tools to counter Russia’s illegal aggression.