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.
Reforms advocated for by FACT, including those pertaining to beneficial ownership of anonymous shell entities, removing opacity from the U.S. real estate, private investment, and other luxury goods markets, and promoting greater tax transparency can bring the economic weight of new sanctions to bear. The U.S. must work expediently with its allies to permanently close financial gateways for Russia’s political elite to hide and grow their illicit wealth.
The announcement of new anti-corruption initiatives by the White House and Treasury’s FinCEN in December mark historic progress for anti-corruption reform.
The tax justice movement is gaining steam as the international community strikes a historical tax deal, a key first step towards equitable global taxation reform.
U.S. international tax reform may soon be a reality as lawmakers in Congress advance new draft legislation.
Following last month’s historic agreement on a 15 percent global minimum tax rate at the G7 Finance Ministers meeting, a groundbreaking 130 countries came together to All eyes are on Washington to see if lawmakers will take a proactive step toward codifying U.S. international tax reform through the budget reconciliation process.
