Incorporation Transparency

Anonymity Overdose – How our opioid crisis and shell companies are linked

Opioid deaths now exceed those from motor vehicle accidents. It’s clear we need to do more. Fair Share Education Fund’s latest report, “Anonymity Overdose,” connects opioid trafficking and the subsequent crisis with the activities of anonymous shell companies – companies formed with no way of knowing who is actually in charge. Because they shield the owners from accountability, anonymous shell companies are a common tool for disguising criminal activity and laundering money, and are also at heart of the Panama Papers.


New Report: Anonymous Shell Companies Driving Opioid Epidemic

New Fair Share Study Highlights 10 Cases that Connect Opioid Trafficking and Related Money Laundering to Anonymous Companies

WASHINGTON, D.C. – As opioid overdose deaths skyrocket, a new report released today by Fair Share Education Fund—a member of the FACT Coalition—highlights the role of anonymous shell companies in facilitating the money laundering, which drives the drug traffickers behind the crisis.  Titled “Anonymity Overdose,” the report highlights 10 cases that connect opioid trafficking and related money laundering to anonymous shell companies.


Hidden Menace: How secret company owners are putting troops at risk and harming American taxpayers

Since the financial crisis and release of the Panama Papers, we have heard a lot about the revenue governments lose to tax avoidance and evasion, but what about the losses resulting from corruption and fraud when governments spend money on goods, services and infrastructure?

Around the world governments spend $9.5 trillion each year on public procurement.  It should be no surprise that fraudsters, and corrupt officials, take advantage of this. According to research by the UN, corruption may amount to as much as 25% of the value of government procurement contracts worldwide.


Anonymous Companies Fueling Waste, Fraud, and Abuse of Taxpayers’ Money

New Report Highlights Need for Congressional, Administrative Action

WASHINGTON, DC — A new report released today by Global Witness, a member of the Financial Accountability and Corporate Transparency (FACT) Coalition, highlights how anonymous shell companies are ripping-off taxpayers and putting the lives of American military personnel at risk.  The report is titled, “Hidden Menace: How Secret Company Owners Are Putting Troops at Risk and Harming American Taxpayers”.


An Urgent Call for Action: Stop Anonymous Shell Companies from Fleecing American Taxpayers

By Eryn Schornick

For three and a half years, a former Pentagon supplier used two shell companies in Wyoming and pretended they were largely owned by ethnic minorities to win preferential treatment for government contracts so that he could profit from supplying substandard parts to the military. These schemes happen all too often. In another, conspirators used sham companies from North Carolina, Nevada and Tennessee to steal more than $2 million from subcontractors that they tricked into fulfilling contracts.

The US Administration is coming upon a key moment tomorrow at the international Anti-Corruption Summit hosted by the UK where it can keep the criminal and corrupt from ripping off our public budget while hiding behind the veil of an anonymous shell company.


New Panama Papers Release Shows Vast Network of Secret Companies

U.S. Called Out as Among Easiest Countries to Open Anonymous Shell Companies Renewing Calls for Congressional Action

WASHINGTON, DC — The International Consortium of Investigative Journalists (ICIJ) published more than 200,000 documents from a trove of leaked files known as the Panama Papers this afternoon, renewing calls from anti-money laundering and tax policy experts in favor of bipartisan transparency measures to curb terror finance, corruption, and tax evasion.  The bill is called the Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450 |S. 2489).


Anti-Money Laundering Experts Deeply Concerned by Administration’s Flawed ‘Panama Papers’ Response

Loopholes in New Treasury Rule Perpetuate Problem of Anonymous U.S. Shell Companies—Enabling Terror Finance, Crime, and Corruption

WASHINGTON, DC – Leading anti-corruption, anti-money laundering, and tax policy experts expressed deep concerns about a set of rules and proposals announced by the Obama Administration last night in the wake of the so-called “Panama Papers” revelations.


Ernst and Young Study Finds that 91% of Senior Business Executives Believe that Beneficial Ownership Information is Important

Never before have governments and multinational institutions cooperated so extensively in combating bribery and corruption. The transnational nature of the issue led the G20 major economies to recognize bribery and corruption as an important impediment to economic growth and the group’s focus on corruption has continued under its Chinese presidency in 2016. The G20 outlined its priorities in the “2015-2016 G20 Anti-Corruption Action Plan” identifying key areas where economies and multinational organizations must strengthen their cooperation.


Spokespeople Available: Leaked #PanamaPapers Expose Deadly World of Anonymous Shell Companies

U.S. the 2nd Easiest Place in the World to Open Anonymous Shell Companies to Launder Money

70+ Faith Leaders, Small Business Owners, Citizen-Lobbyists Headed to Washington Next Week to Call on Lawmakers to End Abuse of Anonymous Companies

WASHINGTON, DC — A trove of more than 11 million documents from a Panamanian law firm leaked to the International Consortium of Investigative Journalists shows the deadly, devastating toll that anonymous companies take on the world, highlighting the need for U.S. action, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.