Press Releases & Statements | Page 16

FACT Coalition Welcomes Treasury Move to Implement Corporate Transparency Act

December 7, 2021

“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.”

FACT Coalition Applauds First Ever U.S. “Strategy on Countering Corruption”

December 6, 2021

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.

Massive and Opaque U.S. Private Investment Industry Presents Major National Security and Corruption Threats

December 2, 2021

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.

International Tax Reform in Build Back Better Act a Promising Start

November 19, 2021

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.

Global Tax Deal Advances, but Questions Persist

October 8, 2021

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.

Massive “Pandora Papers” Financial Secrecy Leaks Highlight Need for U.S. Reforms

October 4, 2021

The International Consortium of Investigative Journalists, along with major news outlets such as the Washington Post, yesterday revealed the largest leak of private financial records to date, eclipsing the Panama Papers in scope and scale. The “Pandora Papers” confirm the use of a secretive “offshore” financial system that allows criminals, world leaders, and others to hide billions of dollars from authorities, fueling tax dodging and corruption.