WASHINGTON, D.C. – A global sustainability standard-setting body finalized a proposal to have multinational companies publicly disclose basic financial information on a country-by-country basis — a move that was praised by transparency advocates.
November 1, 2019
Congress, FASB, GRI, UN PRI, the OECD, the EU, and others are all considering new disclosures around corporate tax planning. With increased scrutiny from governments on corporate tax strategies, what does it all mean for companies and their investors? A diverse group of institutional investors and other asset managers and analysts have all recently weighed in on the risks to investors and the need for additional disclosures. With opening remarks by SEC Commissioner Rob Jackson, a panel of experts will explain what new rules may be coming and the potential value to investors.
WASHINGTON, D.C. – With a bipartisan vote of 249 to 173, the U.S. House of Representatives passed a bipartisan bill to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. After more than a decade of debate in Washington, the vote in favor of the Corporate Transparency Act of 2019 (H.R.2513) represents the first time that legislation to end anonymous companies has made it through either Chamber of Congress.
ILLICIT CASH Act Opens Viable Pathway to Senate Passage
Statement by Gary Kalman, Executive Director of the FACT Coalition
WASHINGTON, D.C. — A bipartisan group of eight U.S. senators on a key Senate committee introduced legislation Thursday to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S.
As August recess wraps up, the prospect for action on beneficial ownership is becoming more likely. In June the Corporate Transparency Act (H.R. 2513) passed out of the House Financial Services Committee by a bipartisan vote of 43-16. It’s sister bill (S.1978) was introduced in the Senate. Two beneficial ownership transparency bills, the TITLE Act (S.1889) and a discussion draft of the ILLICIT CASH Act, have been the subject of hearings. FACT’s Executive Director Gary Kalman testified before the Senate Banking Committee in June to address, among other issues, the impact of legislation on small business. He noted that “more than three quarters of small business owners felt the tradeoff — reporting burden vs. the prevention of unfair competition from anonymous shell companies — was worth it.”
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.
