The FACT Coalition sent a letter today to the Financial Crimes Enforcement Network (FinCEN) urging the agency to act quickly to implement the secure directory of beneficial owners of U.S. entities under the Corporate Transparency Act (CTA) and, in doing so, to adopt a set of internationally recognized best data practices.
he Financial Accountability and Corporate Transparency (FACT) Coalition applauds the Securities and Exchange Commission (SEC) for standing with investors and advancing an Amazon.com, Inc. shareholder proposal asking the company to voluntarily engage in public country-by-country reporting (PCbCR).
The FACT Coalition welcomed international and administrative tax reforms in the President’s proposed 2023 Budget that would continue the Administration’s efforts to discourage tax dodging by multinational corporations, and once again make the U.S. a leader in global tax transparency.
In response to President Biden’s 2023 proposed budget, the FACT Coalition welcomed substantial increases in funding for the Financial Crimes Enforcement Network (FinCEN) and Office of Terrorism and Financial Intelligence (TFI).
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the Securities and Exchange Commission (SEC) to address the undisclosed presence of possible illicit financial flows in private investment markets. Without further action from the SEC, these flows may enrich and embolden potential adversaries, such as Putin’s regime, and eventually destabilize U.S. and global financial markets. Meanwhile, the failure to identify these flows undermines current sanctions against Russian oligarchs, and may jeopardize future tools that the U.S. might wield against aggressive governments.
The tools that Congress and the White House commit to Ukraine’s fight for independence and democracy must not be undermined by failings in our own institutions.
