FACT welcomes the Australian Senate’s introduction of important updates to disclosure requirements surrounding the subsidiaries of public companies, and recommends that Parliament swiftly introduce final legislation to mandate public country-by-country reporting.
In comments submitted May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
The FACT Coalition commends the IRS for its ongoing efforts to collect country-by-country reporting data on Form 8975, as well as its aggregation and publication of related information.
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.
