Incorporation Transparency

Letter to Sens. Whitehouse, Grassley, and Feinstein Supporting True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454),  which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.

Read More...

FACT Sheet: Anonymous Companies and National Security (June 2017)

The 2016 release of the Panama Papers was an avalanche of data on the nefarious use of anonymous companies for corrupt activities.  The leak showed that shell companies can represent an important nexus of corruption, money laundering, transnational organized crime, and terrorism, all of which directly harm U.S. foreign policy interests. Such companies have been used to divert U.S. security and overseas development funds from their intended purposes into the hands of those who seek to do the United States harm, and they can help fund the very insurgents and terrorists U.S. troops are fighting.

Read More...

Joint Letter from 44 Organizations Supporting the TITLE Act (S.1454)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition)  joined 43 other organizations to send a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act [S. 1454], which would require companies to disclose information about the real people who own or control them (often called the “beneficial owners”) at the time they are created.

Read More...

Letter to Reps. Maloney, King, Royce, Waters, and Moore Supporting Corporate Transparency Act (H.R. 3089)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Reps. Maloney, King, Royce, Waters, and Moore supporting the Corporate Transparency Act (H.R. 3089),  which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.

Read More...

Joint Letter from 44 Organizations Supporting the Corporate Transparency Act (H.R. 3089)

The FACT Coalition joined 43 other organizations to send a letter to Reps. Maloney, King, Royce, Waters, and Moore supporting the Corporate Transparency Act (H.R. 3089), which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.

Read More...

A Simple Step to Address a Far-Reaching Problem

By Gary Kalman

Today, Senators Whitehouse, Grassley, and Feinstein and Representatives Maloney, King, Royce, Waters, and Moore introduced a bipartisan bill to end the use of anonymous shell companies.  If passed by Congress and signed by the President, the measure would disrupt the global system for money laundering used by corrupt public officials, terrorists, drug cartels, human trafficking operations, and others and provide leadership to the international move toward transparency.

Read More...

Bipartisan Bills Target Criminal Money Laundering, Terror Financing

Transparency Measures Have Broad Support from Financial Institutions, Law Enforcement, and Anti-Corruption Advocates

WASHINGTON, D.C. – Bipartisan pieces of legislation introduced on June 28, 2017 aim to crack down on one of the prime enablers of criminal money laundering and terrorist financing — the abuse of anonymous shell companies.

Read More...

Letter to Rep. Stephen Lynch and Rep. Peter King Supporting H.R. 2426; Which Will Enhance our National Security

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Rep. Lynch and Rep. King supporting the Secure Government Buildings from Espionage Act of 2017 (H.R. 2426), which will enhance our national security by requiring bidders for high-security leases to disclose their beneficial ownership information to the federal government. The full letter can be read below or downloaded here.

Read More...

On First Anniversary of Panama Papers Release, What Have We Learned?

By Gary Kalman

This week marks the anniversary of the Panama Papers, a leak of more than 11 million documents exposing widespread corruption and illicit financing involving 140 public officials in more than 50 countries around the globe.  The leak, large as it was, included documents from just one law firm and had reverberations worldwide.  The impact was profound, but was it enough?  And what did we learn?

For those not steeped in money laundering practices and illicit financial flows, the Panama Papers showed the world how it all works.  If you want to finance terror; steal from taxpayers; traffic in humans, weapons, or drugs; or evade taxes, anonymous shell companies are the vehicle of choice.  The Panamanian law firm Mossack Fonseca showed that these entities were easy to set up, inexpensive to maintain, and able to provide legal secrecy even if covering up underlying illegal activity.

Read More...