Congress must help restore the original scope and intent of the Corporate Transparency Act in light of clear evidence of the risks posed by anonymous shell companies to national security, law enforcement, U.S. consumers, and small businesses.
Read FACT’s official statement for the record submitted ahead of Tuesday’s HFSC subcommittee hearing on fraud prevention, including comments in opposition to H.R. 425. the Repealing Big Brother Overreach Act, which would fully repeal the Corporate Transparency Act.
FACT welcomes the release by Treasury of a proposed form that will be used by covered entities to submit information on the true beneficiaries of certain real estate purchases, pursuant to groundbreaking new anti-money laundering regulations.
FACT urges appropriators to oppose a harmful House measure that would deny funding to the nation’s accounting standards setter unless it withdraws a long-awaited corporate income tax disclosure rule.
While major progress has been made in 2024 on key anti-money laundering priorities, more work is needed to counter corruption and ensure government integrity and accountability to the public.
Read the new letter from FACT and Transparency International U.S. urging Treasury to meet its statutory deadline for important aligning regulations required under the Corporate Transparency Act.
