Today, Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury, and Andrew Adams, Director of the Task Force KleptoCapture at the Department of Justice, testified before the Senate Committee on Banking, Housing, and Urban Affairs on steps the Administration is taking in response to Russia’s invasion of Ukraine.
In response to a question from Senator Van Hollen in a Senate oversight hearing, Chair Gensler says the SEC is considering disclosures to give investors better insights into where corporations book profits and pay taxes.
The Financial Accountability and Corporate Transparency (FACT) Coalition commends the Australian Treasury for its commitment to implement public country-by-country reporting (PCbCR) and submitted comments last week encouraging the adoption of PCbCR best practices. FACT encourages the U.S. Securities and Exchange Commission (SEC) to move quickly to also adopt PCbCR best practices to address information asymmetries between multinationals, investors, policymakers, and other users of financial statements.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes inclusion of critical investments in the Internal Revenue Service (IRS) and important but incremental steps to tackle tax dodging by multinational enterprises as part of the Inflation Reduction Act of 2022 passed by the Senate this weekend.
Today, the Senate Appropriations Committee released its draft appropriations bills for fiscal year 2023 that provided just $189 million to the Financial Crimes Enforcement Network (FinCEN). While it is an increase above FY2022 enacted levels, the Senate figure falls short of the funding approved last week by the House and requested by the President by a sum of $21 million.
Investors are exposed to material tax and geopolitical risks because of a lack of tax and other financial transparency, according to a report released today by the Financial Accountability and Corporate Transparency (FACT) Coalition. To give investors greater visibility into these material risks, the FACT Coalition report calls on the Securities and Exchange Commission (SEC) to use its current authority to implement rules for public country-by-country reporting (PCbCR) regarding revenues, profits, operations, and taxes paid and accrued.