Up to $180 billion: The amount that the U.S. loses in tax revenue to offshore tax haven abuse each year.
$111 billion: Lost U.S. revenue from profit shifting by multinational corporations annually.
$40-70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.
Quotes from prominent law enforcement officials explaining the problems with anonymous shell companies.
Enabling Criminal Activity in the U.S. and Around the World
America is one of the easiest places in the world in which to form an anonymous shell company—this facilitates crimes that victimize ordinary Americans.
This FACT sheet outlines the devastating impact of financial secrecy on Africa, Latin America, and communities of color in the United States.
Anonymous shell companies threaten U.S. security on many fronts. Requiring the disclosure of beneficial ownership information addresses the problem.
Phantom firms can open bank accounts, wire money, buy property, and transact business like any other company, making them an attractive method for hiding, moving, and using money or other assets. As a result, phantom firms are often misused for a multitude of illegal or unethical activities.
