Incorporation Transparency

Bipartisan Momentum Builds as Senators Introduce Measure to Curb Money Laundering, Terror Financing

Sen. Wyden and Sen. Rubio’s “Corporate Transparency Act” — Companion to Rep. Maloney and Rep. King’s H.R.3089 — Would End Incorporation of Anonymous Companies

WASHINGTON, D.C. — Momentum continued to build towards curbing criminal money laundering and terror finance Thursday as Sens. Ron Wyden (D-OR) and Marco Rubio (R-FL) introduced the Corporate Transparency Act (S.1717), the Senate companion to a bipartisan House bill (H.R.3089) aimed at ending the abuse of anonymous shell companies.

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From Pakistan to Park Lane via Panama

By Naomi Hirst

How Prime Minister Sharif’s Family Used Anonymous Companies

Over a year on and the effect of the Panama Papers continues to reverberate.

 Last week, the leaks claimed another political scalp: Pakistan’s Supreme Court has removed Prime Minister Nawaz Sharif from office. The leaks showed how Sharif and his children were linked to prestigious Park Lane apartments in London through a complex web of anonymously owned British Virgin Island (BVI) companies.
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Letter to Reps. Lynch, King, and Maloney Supporting Aircraft Ownership Transparency Act (H.R. 3544)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Reps. Lynch, Maloney, and King thanking them for their support regarding Aircraft Ownership Transparency Act of 2017 (H.R.3544) which aims to secure the U.S. aviation system from criminal actors and terrorists hiding behind anonymous shell companies. The full letter can be read below or downloaded here.

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Bipartisan Bill Seeks to Secure Airways from Criminals and Terrorists

FACT Coalition Supports ‘Aircraft Ownership Transparency Act of 2017’

WASHINGTON, D.C. — A bipartisan group of lawmakers introduced a bill Friday to secure the U.S. aviation system from criminal actors and terrorists hiding behind anonymous shell companies, in a move welcomed by the Financial Accountability and Corporate Transparency Coalition.

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Encouraging Signs for a Possible U.S. Legislative Crackdown on Anonymous Companies

By Gary Kalman

A little over a year ago, the International Consortium of Investigative Journalists (ICIJ) released the Panama Papers, a treasure trove of information and a window into the world of financial secrecy. In some ways, much of what the Panama Papers revealed was already well known. Previous estimates put the amount of money hidden in offshore secrecy havens somewhere between $8 trillion and $32 trillion. In 2015, The New York Times published an impressive five-part series on the use of anonymous shell companies to purchase prime real estate in New York City. Prior to that, the U.S. Justice Department filed a lawsuit (which they just won on June 29th) to force the forfeiture of New York property secretly owned by the government of Iran in direct violation of economic sanctions. And so on. Yet it is hard to deny the captivating intrigue of the specific stories in the Panama Papers involving Russian kleptocrats, world leaders, athletes, movie stars, and others.

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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.

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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.

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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.

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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.

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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.

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