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Search Results for financial crime

Just the FACTs: June 12, 2019

The Corporate Transparency Act (H.R. 2513), a bill to end the abuses of anonymous companies, went before the House Financial Services Committee for markup on June 11th. FACT voiced its support for the bill in a letter to the House Financial Services Subcommittee on National Security earlier this year. Over 100 other organizations signed a letter in support of the bill, more than double the number that sent a similar letter last year. In addition to the broad support collected of a decade, new letters came from the National Sheriffs’ Association (NSA), the Anti-Insurance Fraud Coalition, the American Land Title Association, over 60 national security experts and others.

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 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.

New Study: Anonymous Companies Fuel Illicit Trade in Counterfeit and Pirated Goods

Opaque Ownership Structures Obstruct Enforcement of a Growing Global Illegal Economy Valued at $500 Billion to $3 Trillion
WASHINGTON, D.C. – The formation and use of anonymous companies undermine the economic and financial interests of U.S. companies and markets according to a new report published Monday by the Financial Accountability and Corporate Transparency (FACT) Coalition.  The author, former Chair of the OECD Task Force on Countering Illicit Trade David M. Luna, found that criminals and counterfeiters are expanding their market share with fake products in storefront and on-line markets, contributing to a growing global illegal economy valued at between $500 billion and $3 trillion.  Criminally-derived profits (or dirty money) related to corruption and money laundering constitute several trillion dollars more that further finances insecurity and instability around the world.