Press

Senators Introduce Bipartisan Bill as Leak of Odebrecht’s “Bribery Division” Underscores Need to End Anonymous Companies

June 26, 2019

Wyden, Rubio, and Whitehouse’s “Corporate Transparency Act” — Companion to Maloney and King’s H.R.2513 — Would End Incorporation of Anonymous Companies in the U.S.

WASHINGTON, D.C. — Bipartisan momentum to end the incorporation of anonymous companies in the United States escalated on Wednesday following the publication of an international exposé on the scandal-plagued Odebrecht’s “Bribery Division,” as Senators Ron Wyden (D-OR), Marco Rubio (R-FL), and Sheldon Whitehouse (D-RI) introduced legislation that would require companies to disclose their true owner(s) when they incorporate and keep their ownership information up to-do-date.

Read More...

Testimony to Senate Banking Committee on Beneficial Ownership Information

June 20, 2019

Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, testified in front of the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Thursday, June 20, 2019 at a hearing regarding nongovernmental perspectives on the impact of collecting beneficial ownership information as part of legislation designed to protect the U.S. financial system.

Read More...

Just the FACTs: June 12, 2019

June 12, 2019

The Corporate Transparency Act (H.R. 2513), a bill to end the abuses of anonymous companies, went before the House Financial Services Committee for markup on June 11th. FACT voiced its support for the bill in a letter to the House Financial Services Subcommittee on National Security earlier this year. Over 100 other organizations signed a letter in support of the bill, more than double the number that sent a similar letter last year. In addition to the broad support collected of a decade, new letters came from the National Sheriffs’ Association (NSA), the Anti-Insurance Fraud Coalition, the American Land Title Association, over 60 national security experts and others.

Read More...

Bipartisan Group of Senators Unveil Draft Anti-Money Laundering, Ownership Transparency Bill

June 10, 2019

House Committee to Vote on Corporate Transparency Act Tuesday

WASHINGTON, D.C. — A bipartisan group of four U.S. senators unveiled draft legislation to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. on Monday, as House lawmakers prepare to vote on their own bipartisan proposal to address the abuse of anonymous companies on Tuesday.

Read More...

Video: Webinar on the Harms of Inadequate Disclosures of Corporate Tax Practices

May 28, 2019

On May 7th and 8th, 2019, AFSCME, the Emerging Markets Investors Alliance, the FACT Coalition, Oxfam, and the Transparency & Accountability Initiative hosted a webinar on the harms of inadequate disclosures of corporate tax practices. Moderated by Gary Kalman, Executive Director of FACT Coalition, the webinar featured an expert panel that included, Ty Gellasch, founder of Myrtle Makena and former Senior Counsel to the Senate Permanent Sub-Committee on Investigations, Nicholas Lusiani, Senior Advisor at Oxfam America, Robert M. Wilson, Jr., investment officer and research analyst at MFS Investment Management, and Richard Phillips, former senior policy analyst at the Institute on Taxation and Economic Policy.

Read More...

New Study: Anonymous Companies Fuel Illicit Trade in Counterfeit and Pirated Goods

May 6, 2019

Opaque Ownership Structures Obstruct Enforcement of a Growing Global Illegal Economy Valued at $500 Billion to $3 Trillion

WASHINGTON, D.C. – The formation and use of anonymous companies undermine the economic and financial interests of U.S. companies and markets according to a new report published Monday by the Financial Accountability and Corporate Transparency (FACT) Coalition.  The author, former Chair of the OECD Task Force on Countering Illicit Trade David M. Luna, found that criminals and counterfeiters are expanding their market share with fake products in storefront and on-line markets, contributing to a growing global illegal economy valued at between $500 billion and $3 trillion.  Criminally-derived profits (or dirty money) related to corruption and money laundering constitute several trillion dollars more that further finances insecurity and instability around the world.

Read More...

Bipartisan Bill Introduced to End Anonymous Companies

May 3, 2019

Corporate Transparency Act of 2019 a Critical Measure to Combat Corruption, Sanctions Evasion, Money Laundering, and Human Trafficking

WASHINGTON, D.C. — A bipartisan group of lawmakers introduced legislation on Friday addressing the largest vulnerability in the nation’s anti-money laundering framework, according to the Financial Accountability and Corporate Transparency (FACT) Coalition, a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices.

Read More...