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.


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.


Fortune Magazine Op-Ed: It’s Time for the U.S. to Deal With Tax Evaders

By Clark Gascoigne

America Is the World’s Newest Tax Haven

If I asked you to name the world’s biggest tax haven, you might come up with the Cayman Islands, Bermuda, or Luxembourg. Those of you following the recent series of so-called “corporate tax inversions” might guess Ireland.

You probably wouldn’t think of the United States, but the latest edition of Bloomberg Businessweek points its finger squarely at Uncle Sam—and not without reason.


New York Times Letter: Real Estate Transparency

By Clark Gascoigne

In a New York Times letter, FACT’s Clark Gascoigne writes that Treasury’s plan falls short of what’s needed to combat the financial system’s role as a money-laundering haven.

To the Editor:

Re “Property Sales Get U.S. Scrutiny” (front page, Jan. 14):

The Treasury Department’s plan to scrutinize the secret companies buying real estate in New York and Miami is a welcome first step toward cleaning up parts of the real estate market, but it falls far short of what’s truly needed to combat the United States financial system’s role as a major money-laundering haven.


Civil Society Assails Multinational Tax Giveaway

“Tax Extenders” Deal Could Permanently Enshrine Outrageous Tax Dodging Loophole in Tax Code, Extend Another One for Five Years

Congressional Negotiators Ignore a Hundred Thousand Letters from Constituents Calling for an End to Egregious Offshore Tax Loopholes

WASHINGTON, DC – Civil society groups assailed a backroom congressional tax deal released early this morning as an egregious giveaway to multinational tax dodgers at the expense of U.S. taxpayers.  The so called “tax extenders” deal could permanently enshrine in the tax code an offshore loophole known as the “Active Financing Exception”, which is abused by multinational companies to artificially shift profits overseas and dodge taxes at the expense of the American public.  The deal also extends for five years another offshore loophole, known as the “CFC Look-Through Rule”, which also allows corporations to use accounting tricks to avoid paying taxes.


FACT Welcomes Bill to Curb Money Laundering and Terror Financing

Holding Individuals Accountable and Deterring Money Laundering Act” Will Help Return Rule of Law to U.S. Financial System; Bring America in Line with International Standards

WASHINGTON, DC – The FACT (Financial Accountability and Corporate Transparency) Coalition welcomed the introduction of legislation to improve anti-money laundering and counter-terror finance safeguards while heightening the accountability of financial institutions.  Sponsored by Representative Maxine Waters (D-CA), the Holding Individuals Accountable and Deterring Money Laundering Act [H.R. 4242] targets the individuals (or enablers) at financial institutions responsible for accepting suspect funds, while aligning the United States with a number of international anti-money laundering (AML) standards.


Tens of Thousands Urge Congress to Reject Any Extension of Egregious Tax Loopholes

House Lawmakers to Vote this Week on Temporary Renewal of “Tax Extenders” Package – including Two Outrageous Offshore Tax Loopholes Costing Taxpayers $10 Billion Annually

Some on Capitol Hill Push to Make Loopholes Permanent, but Media Reports Suggest Offshore Provisions Could Be Phased out as Part of Bigger Tax Deal, A Welcome Development

WASHINGTON, D.C. – Members of Congress should reject two egregious international tax loopholes in pending legislation, which combined would cost American taxpayers $10 billion per year, the Financial Accountability and Corporate Transparency (FACT) Coalition, its members, and tens of thousands of Americans said today.


FACT Urges Lawmakers to Embrace Global “BEPS” Effort to Curb Egregious Corporate Tax Dodging

OECD’s Base Erosion and Profit Shifting (BEPS) Package “Important First Step” Towards Curtailing Abusive Tax Avoidance, but More Must Be Done

WASHINGTON, DC – As two congressional committees held hearings today on global efforts to tackle abusive corporate tax dodging, the Financial Accountability and Corporate Transparency (FACT) Coalition urged U.S. lawmakers to embrace the efforts, which target a practice gouging American taxpayers of roughly $90 billion per year.


FACT’s Clark Gascoigne on HuffPost Live: U.S. a Major Money Laundering Capital

FACT’s Clark Gascoigne Discusses the U.S. Ranking as the 3rd Biggest Secrecy Jurisdiction in the Latest Financial Secrecy Index

Clark Gascoigne, the Deputy Director of the FACT Coalition, appeared on Mind Your Business with Alyona Minkovski, a weekly business program on HuffPost Live, on Friday, November 13, 2015.  He discussed how the United States facilitates all sorts of financial crime with widespread financial opacity.