The Financial Accountability and Corporate Transparency (FACT) Coalition submitted detailed comments yesterday in response to the Treasury Department’s call for public input on a draft rule to implement the Corporate Transparency Act (CTA)
“The FACT Coalition warmly welcomes this proposed rule, and we are glad to see Treasury’s FinCEN implementing the plain language of this landmark beneficial ownership disclosure law,” said Ian Gary, Executive Director of the FACT Coalition. “These rules, along with the earlier releases this week of the White House’s Strategy on Countering Corruption and the notice of proposed rulemaking from FinCEN aimed at tackling systemic money laundering vulnerabilities in the U.S. real estate sector are a clear demonstration of an emerging American commitment to tackling global corruption, which corrodes democratic governance both at home and abroad.”
The Financial Accountability and Corporate Transparency (FACT) Coalition today warmly welcomed the Biden Administration’s publication of a first-ever U.S. national strategy to combat corruption.
The $11 trillion U.S. private investment industry represents a gaping hole in the U.S. anti-money laundering framework and makes the U.S. an attractive destination for illicit financial flows, according to a joint report released today by the Financial Accountability and Corporate Transparency (FACT) Coalition, Global Financial Integrity, and the Transparency International U.S. Office.
Build Back Better offers a first step toward meaningfully curbing tax-haven abuse, protecting American jobs, and beginning to meet the challenge set by the Biden Administration to end the international race to the bottom in corporate tax collections.
A two-pillar framework agreed to by the OECD for taxing large multinational corporations represents a paradigm shift in the way that these companies are taxed—allocating the right to tax certain excess profits of very large companies to “market” jurisdictions and creating a global minimum corporate tax— but concerns about the long-term political viability of the proposal merit consideration.
