FACT Sheets | Page 6 | The FACT Coalition

FACT Sheet: Treasury’s CDD Rule: One Piece to a Larger Puzzle

August 28, 2018

Drug traffickers, corrupt officials, rogue nations seeking to evade sanctions, terrorists, and other criminals use anonymous companies to hide the money they steal and maintain the power they hold.

Many of the most dangerous criminal elements now operate sophisticated financial networks. They have updated the way they do “business,” which Includes the use of companies with hidden owners. As the rest of the world cracks down on corporate secrecy, the criminals and other wrongdoers are looking increasingly to the U.S.

The U.S. Treasury Department’s Customer Due Diligence (CDD) Rule for Financial Institutions1 is a critical piece in a larger strategy to protect the integrity of our financial system from abuse and the nation from a broad array of harms.

Polaris Fact Sheet: Business Transparency to Combat Human Trafficking

August 9, 2018

In cities throughout the United States, human trafficking rings operate illicit massage businesses, where women are forced to engage in commercial sex. Criminals engaged in human trafficking and money laundering are able to take advantage of the lack of transparency surrounding beneficial ownership of business entities to evade criminal prosecution. Congress must take action to ensure that law enforcement officials can identify the individual traffickers that control or benefit from illicit massage businesses and hold them accountable.

U.S. Should Not Favor Foreign over U.S. Profits: Tax Multinationals the Same as Wholly Domestic Companies

July 31, 2018

The new tax law, the Tax Cuts and Jobs Act (TCJA), changed the tax system from one in which U.S. corporations paid taxes equally on all their profits to one in which they pay lower taxes on profits booked outside the United States. By lowering the tax rate on foreign profits, the tax code now encourages U.S. corporations to move U.S. jobs and profits offshore.

Scholars Call for an End to Anonymous Companies: National Security Threats are Profound

May 22, 2018

Quotes from prominent national security experts explaining the problems with anonymous shell companies.

Anonymous Companies Shield Human Traffickers from Law Enforcement

January 8, 2018

Quotes from prominent anti-human trafficking experts explaining the problems with anonymous shell companies.

FACT Sheet: Offshore Tax Haven Abuse by the Numbers (November 2017)

November 4, 2017

$129 billion to $205 billion: Amount that U.S. taxpayers lose in federal revenue to offshore tax haven abuse each year.

$94 billion to $135 billion: Lost U.S. revenue from offshore profit shifting by multinational corporations annually.[i]
$35 billion to $70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.[ii], [iii]