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Press Releases & Statements

Groups Push Accounting Body on Multinational Tax Transparency

Broad Alliance Calls for Accounting Standards to Require Country-by-Country Tax Reporting in Comment Letter
WASHINGTON, D.C. – A broad alliance of organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB) today—urging the body to require multinational companies to be more transparent about their tax practices.  FASB, the private body which sets financial accounting and reporting standards in the United States, has suggested a number of changes to increase the disclosure of foreign tax and income information by companies in their public filings.

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Coalition Welcomes New Tax Transparency Bill

Corporate Transparency and Accountability Act Would Better Inform Investors on Tax Risks Associated with Multinational Companies
WASHINGTON, D.C. – Rep. Mark Pocan (D-WI) today introduced a new bill, which would shine a light on the offshore tax practices of multinational companies.  The Corporate Transparency and Accountability Act of 2016 would require publicly-traded multinational companies to report in their disclosure statements to investors information about revenues, profits, taxes, and certain operations on a country-by-country basis.

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New “Bahamas Leaks” Further Evidence For Ending Anonymous Companies Following “Panama Papers”

U.S. Among the Easiest Places in the World to Open Anonymous Shell Companies to Launder Money
WASHINGTON, D.C. — A new trove of leaked documents published today by the International Consortium of Investigative Journalists (ICIJ)—the group that brought the world the “Panama Papers” in April—continues to demonstrate the harms facilitated by anonymous shell companies.

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Broad Coalition Calls for Greater Disclosure Requirements from the SEC

WASHINGTON, D.C. – Nine groups—the AFL-CIO; Americans for Financial Reform; the Center for American Progress; Ceres; the Financial Accountability & Corporate Transparency, or FACT, Coalition; the International Corporate Accountability Roundtable; Patriotic Millionaires; Public Citizen; and US SIF: The Forum for Sustainable and Responsible Investment—are joining together to urge the U.S. Securities and Exchange Commission, or SEC, to strengthen corporate disclosure requirements.

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New Report: Investors at Risk by Lack of Corporate Tax Disclosures

Shareholders Increasingly Stymied by Opaque Corporate Tax Practices as Authorities Crack Down, Finds New FACT Analysis
Apple Tax Ruling “Just the Tip of the Iceberg”
WASHINGTON, D.C. – Investors are at an increasing risk due to the lack of information disclosed by companies about their tax practices, according to a new report published today by the FACT Coalition.

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Report Highlights Investor Risks from Anonymous Shell Companies

FACT Coalition Statement on New Global Witness and Global Financial Integrity Briefing
WASHINGTON, D.C. – A new report released today by Global Financial Integrity (GFI) and Global Witness emphasizes the importance to investors of knowing who owns and controls the companies with which they invest and with whom those companies do business.  Titled “Chancing It: How Secret Company Ownership Is a Risk to Investors,” the briefing highlights a number of financial and non-financial risks posed to companies and investors from anonymously-owned companies, and is published as global investors managing over $740 billion in assets released a letter calling on the U.S. government to adopt meaningful incorporation transparency legislation.

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