Requiring multinational corporations to publicly report basic financial information on a country-by-country basis will reduce the abuse of tax havens and help investors assess tax-related risk.
Anonymous companies allow counterfeiters and internet pirates to traffic and smuggle illicit goods — undercutting legitimate commerce, markets, and financial systems. Further, illicit trade threatens critical national industries and local economies, placing consumers at risk and harming the market reputational value of American brands and companies.
The Anti-Money Laundering Act would end the abuse of anonymous companies and has the support of the business community, national security experts, and law enforcement.
Several members of the U.S. administration have made statements in support of beneficial ownership disclosure.
Small business associations endorse Senate legislation for country-by-country reporting to even the playing field with multinational enterprises.
Investors with $811 billion in assets managed sent a letter to the Senate backing public country-by-country reporting to reduce investor risk in multinational enterprises.
