WASHINGTON, D.C. — Senate lawmakers introduced two pieces of legislation on Wednesday that would boost transparency of multinational corporations’ tax and employment practices while making it harder for companies to game the international tax system.
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.
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.
On Tuesday April 2, FACT’s Executive Director joined a panel discussion hosted by the Harriman Institute at Columbia University. The panel discussed the expansion of anti-corruption enforcement in the U.S., as well as the challenges of researching oligarchs and recent developments in anti-corruption work.
Investors, Businesses, and Policymakers Increasingly Take Steps Toward Public Country-by-Country Reporting of Tax Information
WASHINGTON, D.C. – Public disclosure of multinational corporations’ disaggregated profits and taxes is steadily progressing toward a global norm as investors, businesses, and policymakers have increasingly taken steps toward transparency, according to a new study published Tuesday by the Financial Accountability and Corporate Transparency (FACT) Coalition.
In February, Dallas police busted a ring of illicit massage parlors. Four people were arrested on charges of aggravated promotion of prostitution at three locations in Dallas, Lewisville and Commerce. While the case is ongoing, detectives reported that many of the women working at the parlors may have been victims of human trafficking.
