This FACT sheet outlines the devastating impact of financial secrecy on Africa, Latin America, and communities of color in the United States.
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.
The FACT Coalition along with 10 other organizations filed a comment on April 4, 2016 with the Department of the Treasury to finalize the proposed rule issued by the Financial Crimes Enforcement Network (FinCEN) to impose anti-money laundering and suspicious activity reporting requirements on registered investment advisers. The full letter can be read below or downloaded here.
The Honorable Jacob J. Lew
Secretary of the Treasury
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220
Dear Secretary Lew,
On behalf of the Financial Accountability and Corporate Transparency (FACT) Coalition, I am writing to urge the Department of the Treasury to take all measures within its authority to curtail the ability of corporations to avoid paying taxes by engaging in corporate inversions. Explicitly, FACT believes that the Treasury Department could take further steps to prevent inversions through the use of its regulatory authority under Sections 956 and 7701 of the U.S. Tax Code.
The FACT Coalition submitted the below comments to the U.S. Department of the Treasury and the Internal Revenue Service regarding a proposed country-by-country reporting rule.
The FACT Coalition and 36 other partner organizations sent a joint letter to members of the U.S. House of Representatives in support of the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450).
