News & Events

Video: Financial Services Markup of Oversight Plan

Representative Carolyn Maloney (D-NY) introduces an amendment to add the issue of anonymous companies to the docket of the Terrorism and Illicit Finance Subcommittee of the Financial Services Committee.  Representative Jeb Hensarling (R-TX), Chair of the House Financial Services Committee, and Representative Stevan Pearce (R-NM), Chair of the Terrorism and Illicit Finance Subcommittee, endorse the amendment and call for action on anonymous companies.  The committee approves the amendment.

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Mnuchin’s Offshore Companies Underscore Need to Tackle Tax Havens in Tax Reform

Statement by FACT Deputy Executive Director Clark Gascoigne
WASHINGTON, D.C. – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington.  It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.

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Just the FACTs: December 22, 2016

2016 is coming to an end.  This year has certainly been an eventful one—we have witnessed  several document leaks revealing the closely guarded secrets of the offshore world, and a divisive election where the issue of tax avoidance and offshore loopholes were highlighted by both campaigns.

In April, the Panama Papers gave us 14.5 million documents exposing the offshore dealings of the ultra-wealthy, transnational criminals, multinational companies, and even world leaders.  One question often asked when the documents were released “where are the Americans?” the answer simply is that Americans don’t need to go abroad to set up anonymous shell companies.  It is, unfortunately, much easier for Americans to set them up onshore—in states like Nevada, Wyoming, and Delaware.

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