Press Coverage

Reuters: Transparency Groups, Tax Pros Differ on Impact of Ownership Reporting Rules

The Financial Accountability and Corporate Transparency Coalition is quoted in Reuters:

“The Financial Accountability and Corporate Transparency (FACT) Coalition, an international transparency advocacy group, said it supported the regs and urged Treasury to “accelerate the remaining rulemaking processes to fully implement this groundbreaking anti-money-laundering reform.” The rulemaking “brings the U.S. one step closer to casting off its reputation as the world’s top financial secrecy jurisdiction,” FACT said in a September 29 statement, citing research released in May by the Tax Justice Network, a U.K.-based NGO. Both groups had encouraged the U.S. to apply the CTA against money laundering, particularly by setting reporting requirements for certain beneficial owners to curb the flow and concealment of illicit cash through anonymous shell companies.”

The full, original article is accessible on Reuters’ website here.