While Australia’s revised public country-by-country reporting draft legislation walks back the original measure’s ambitious scope, it still represents a meaningful step forward for multinational tax transparency.
Read FACT’s official statement for the record highlighting the critical work of Treasury’s Financial Crimes Enforcement Network, including its ongoing efforts to implement the Corporate Transparency Act and finalize strong rules curbing money laundering through U.S. real estate and private investment markets.
The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
FACT recommends that the FATF employ stronger language to encourage countries to establish enhanced beneficial ownership reporting standards for trusts and other under-regulated entities.
Read FACT’s official comment urging global governments to strengthen existing systems and multilateral cooperation on beneficial ownership transparency ahead of the 10th Conference of State Parties to the UN Convention Against Corruption.
FACT submits comments praising Treasury’s revised beneficial ownership reporting form, and suggests small changes to help improve user experience and increase the usefulness of reported information for law enforcement.
