INGOs Letter on the Corporate Transparency Act
A group of international nongovernmental organizations wrote to Ranking Member Patrick McHenry and Chairwoman Maxine Waters to declare their support for the Corporate Transparency Act.
FACT Submitted Comments for the Record to the Senate Committee on Banking, Housing, and Urban Affairs
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) submitted comments for the record to the Senate Committee on Banking, Housing, and Urban Affairs on their recent hearing on fighting illicit finance.
Letter to FASB on Proposed Accounting Standards Update for Income Taxes
The FACT Coalition filed a comment on May 31, 2019 with the Financial Accounting Standards Board (FASB) on Proposed Accounting Standards Update for Income Taxes, File Reference No. 2019-500. The full letter can be read below or downloaded here.
Investors Representing More Than $1 Trillion in Assets Under Management Sent A Letter to FASB Supporting Country-by-Country Reporting
A group of investors representing more than $1 trillion assets under management signed a letter to the Financial Accounting Standards Board, urging FASB to reconsider the Exposure Draft and support country-by-country reporting.
FACT Sheet: Anonymous Companies and National Security (May 2019)
Anonymous companies facilitate everything from corruption and money laundering to transnational organized crime, sanctions evasion, and terrorism — all of which directly harm U.S. foreign policy interests. Such companies have been used to divert from their intended purposes U.S. security and overseas development funds 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.
Beyond Anecdotes: Data Demonstrate Anonymous Companies Are Dangerous and Prevalent
Numerous stories have been written exposing how anonymous companies are used around the world for criminal purposes, including in media reports stemming from the Panama Papers, Paradise Papers, and Lux Leaks; the Russian and Troika Laundromat episodes; Global Witness reports, The Great Rip Off and Hidden Menace; and many more.
In addition to the examples, there is mounting evidence showing the widespread use of anonymous companies to launder money and allow dangerous actors to escape accountability and that the United States is a prime secrecy jurisdiction.