America Surpasses Cayman Islands, Second Only to Switzerland in Tax Justice Network’s Rankings of the World’s Largest Secrecy Jurisdictions
WASHINGTON, D.C. – The United States has become the second largest tax haven in the world, according to a new report published Tuesday by the Tax Justice Network.
Quotes from prominent anti-human trafficking experts explaining the problems with anonymous shell companies.
House Financial Services Committee Votes Unanimously in Favor of the End Banking for Human Traffickers Act of 2017 (H.R.2219)
WASHINGTON, D.C. – The U.S. House Financial Services Committee on Wednesday voted unanimously to advance legislation targeting the financing of human trafficking, in a move welcomed by the Financial Accountability and Corporate Transparency (FACT) Coalition.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters in support of the bipartisan End Banking for Human Traffickers Act of 2017 (H.R.2219), which would increase the role of financial policymakers and the financial industry in combating human trafficking.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dianne Feinstein in support of the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (S.1241). The full letter can be read below or downloaded here.
Human trafficking is one of the most insidious crimes in our world today. It’s a business that profits on depriving basic rights — buying and selling them for forced labor or sexual exploitation. Unfortunately, it is the third-or fourth-largest illegal industry in the world (depending on how one measures) — and one that is growing rapidly. It is estimated to amount to $150 billion in profits each year while keeping 21 million people in slavery — at least that we know of.
Human traffickers hide in the shadows, making them extremely elusive to authorities. Vanessa Chauhan, a strategic engagement adviser at Polaris and FACT Coalition member, says, “It’s a hidden crime and unless you’re looking for it, you’re not going to find it.” To remain hidden, some traffickers use illicit schemes, including complex webs of anonymous companies, that allow them to quietly launder the proceeds from their illicit activity and shield them from accountability.
