Press

Delaware Endorses Bill to Tackle Anonymous Companies

Move Comes as Lawmakers Consider Dropping Important Anti-Money Laundering Section from Legislation

WASHINGTON, D.C. — Delaware’s top government official overseeing company formation in the state endorsed a bipartisan federal proposal to require companies to disclose their true owners at the time of formation in new a new letter to Congress.

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America must continue the fight against kleptocracy around the globe

Criminals and corrupt government officials and businesses use anonymous companies – usually registered in Western, developed countries – to move and hide assets, launder money, and evade law enforcement. The true owners of these companies should be required to report to authorities their identity when incorporating as a company or legal entity. This simple transparency would make it much harder for corrupt officials to steal vast wealth from their populations.

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Congress must step up sanctions law to stop American adversaries

Though it may seem fanciful, there is a powerful tool that is tailor made for simultaneously combating North Korean nukes, Russian aggression, Chinese influence, and Iranian maleficence. This tool is beneficial ownership. In practice, existing beneficial ownership rules in the United States require compliance departments to collect, verify, and store data on clients, all at a cost to the consumer.

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Facebook Shareholders to Vote on Responsible Tax Principles

Tax Experts Travel to California to Present Proposal following November’s Paradise Papers Exposé

SAN FRANCISCO, California / WASHINGTON, D.C. — Facebook investors will vote Thursday on a proposal to require the company’s board to adopt responsible tax principles following the release of November’s Paradise Papers exposé, which exposed the structures behind massive tax dodging schemes of well-known multinational companies, including Apple, Facebook, and Nike.

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More than 50 Organizations Urge Congress to End the Tax Preference for Shifting Jobs and Profits Offshore

WASHINGTON, D.C. – Today, more than 50 national organizations sent a letter urging members of Congress to co-sponsor the No Tax Breaks for Outsourcing Act, which would overhaul the new international tax system put in place by the Tax Cuts and Jobs Act to ensure that multinational corporations are no longer allowed to pay a lower tax rate on their offshore profits than they pay on their domestic profits.

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New Treasury Sanctions Are Unenforceable

WASHINGTON, D.C. — As the U.S. Treasury Department unveiled sanctions against five Iranian individuals Tuesday for providing “ballistic missile-related technical expertise to Yemen’s Huthis,” the Financial Accountability and Corporate Transparency (FACT) Coalition warned that the United States has failed to equip itself with the tools to enforce those sanctions.

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Op-ed: Follow the money of opioid trafficking

The president will now declare what many of us experience first hand: The opioid epidemic is a national emergency.

Frankly, with as many as 59,000 deaths in 2016, there doesn’t seem to be any other possible description.

So many dedicated people in cities and towns, faith communities and schools, families and hospitals are fighting to save lives and help people escape addiction.

But there are also a lot of people working to keep illegal opioids on the streets.

With 2.6 million opioid addicts in the United States, the scale of drug-running operations is immense, as are the profits. It’s not a mystery why the cartels build these operations; they do it for the money, and there is a lot of money to be had.

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Strip the World’s Worst Actors of a Key Financial Tool

Anonymous shell companies are the vehicle of choice for a wide variety of bad actors. Drug cartels and human trafficking operations have long understood the benefits of corporate secrecy to launder money. Terror groups have learned these lessons, and today illicit financing and evading sanctions are as much a part of their strategy as any bombing or attack. Corrupt leaders in nations around the world steal public funds to prop up their regimes, undermine democratic institutions and ideals, and create internal and regional instability.

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