In this article, Gurule
compares emerging
financial transparency
rules in Australia and
the United States that
would affect how U.S.
multinationals publicly
report tax and other
operating information.
The time is now for the U.S. Securities and Exchange Commission (SEC) to use its authority under current law to require large multinational enterprises (MNEs) to publicly report basic financial information on a country-by-country basis.
In advance of the Second U.S.-Africa Leaders’ Summit, leaders in the U.S. and Africa must seize the moment to advance a new partnership to curb Illicit Financial Flows, corruption, and tax dodging.
Recommendations include explicit inclusion of foreign environmental crimes as a predicate offense for money laundering and consideration of the role of U.S. financiers in future proposed regulation.
FACT’s comments advise that financial regulators will need to take strong action to apply comprehensive AML, CFT, and reporting protocols to the digital asset ecosystem.
“ENABLERS would help ensure that corrupt cash doesn’t make it into our country and our markets in the first place. If the ENABLERS Act passes, Congress will have led a sea-change in American anti-corruption law.”
