Anonymous companies allow counterfeiters and internet pirates to traffic and smuggle illicit goods — undercutting legitimate commerce, markets, and financial systems. Further, illicit trade threatens critical national industries and local economies, placing consumers at risk and harming the market reputational value of American brands and companies.
H.Amdt.1 is “a critical step toward ending the abuse of anonymous shell companies,” Global Witness says in a letter to House leaders Rep. Pelosi and Rep. McCarthy.
Ahead of a vote on the National Defense Authorization Act, Human Rights First expresses its support for H.Amdt.1 as a key reform to U.S. anti-money laundering legislation.
In a letter to House leadership, Transparency International says H.Amdt.1 (the Corporate Transparency Act) will help the U.S. to “rein in all of these abuses” committed by anonymous shell companies.
In a letter to Representatives Smith and Thornberry, the FACT Coalition endorses inclusion of the Kleptocracy Asset Recovery Rewards Act (H.Amdt.559) in the NDAA. Doing so would represent an important step forward in tackling foreign corruption by incentivizing whistleblower cooperation with the U.S. government.
ActionAid USA, Bread for the World, Jubilee USA, the ONE Campaign, and Oxfam America sent a joint letter supporting the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049). The bill will update U.S. AML regulations.
