FACT Submits Statement for Key FinCEN Oversight Hearing
FACT’s statement to House Financial Services outlines priorities for implementing beneficial ownership reform and strengthening anti-money laundering rules
Lawmakers, Civil Society, and States Look for Faster Pace on Beneficial Ownership Reform: April 26
This month, Treasury Secretary Yellen appeared before the House Financial Services Committee and responded to concerns over the Corporate Transparency Act’s (CTA) delayed implementation. In her answer, Yellen assured lawmakers that the second of the CTA’s three required rulemakings would be drafted “this year, in the coming months.”
FACT Urges Critical Transparency Measures for Trusts in Testimony Before Alaska’s Legislature
FACT Policy Director testified before Alaska’s legislature on the harmful impact of the “secrecy rat-race” between states and how Alaska could help to lead the way to transparency.
Now is the Time to Modernize FinCEN: Just the FACTs: April 8
The Kremlin’s continued, barbaric invasion of Ukraine has shone a light on the paramount importance of providing support for sanctions enforcement and closing the blindspots to corrupt and illicit flows in our financial system. Underfunding and understaffing threaten to take the bite out of sanctions and give Putin cover from the West’s best financial tools to counter Russia’s illegal aggression.
The U.K. is Taking a Major Step to Curb Money Laundering Through Real Estate. To be Effective Against Russia, the U.S. Must Do the Same.
Last week, the UK Parliament passed long-promised reform to provide a window into the opaque British real estate market. This reform – desperately needed following countless exposés about financial abuses in the UK real estate sector, including recent revelations in light of Russia’s invasion of Ukraine – will have critical implications for deterring and investigating economic crime and sanctions evasion. As the U.S. works with other countries to pursue multilateral sanctions against Russia, it must follow the UK and expeditiously advance its own rules to improve transparency in the U.S. real estate sector.
SEC Should Lead Reforms to Private Investment Fund Reporting in Wake of US Sanctions on Russian Oligarchs
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the Securities and Exchange Commission (SEC) to address the undisclosed presence of possible illicit financial flows in private investment markets. Without further action from the SEC, these flows may enrich and embolden potential adversaries, such as Putin’s regime, and eventually destabilize U.S. and global financial markets. Meanwhile, the failure to identify these flows undermines current sanctions against Russian oligarchs, and may jeopardize future tools that the U.S. might wield against aggressive governments.