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FACT Sheet: Anonymous Companies and National Security

The 2016 release of the Panama Papers was an avalanche of data on the nefarious use of anonymous companies for corrupt activities.  The leak showed that shell companies can represent an important nexus of corruption, money laundering, transnational organized crime, and terrorism, all of which directly harm U.S. foreign policy interests. Such companies have been used to divert U.S. security and overseas development funds from their intended purposes 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.

Bipartisan Momentum Builds as Senators Introduce Measure to Curb Money Laundering, Terror Financing

Sen. Wyden and Sen. Rubio’s “Corporate Transparency Act” — Companion to Rep. Maloney and Rep. King’s H.R.3089 — Would End Incorporation of Anonymous Companies
WASHINGTON, D.C. — Momentum continued to build towards curbing criminal money laundering and terror finance Thursday as Sens. Ron Wyden (D-OR) and Marco Rubio (R-FL) introduced the Corporate Transparency Act (S.1717), the Senate companion to a bipartisan House bill (H.R.3089) aimed at ending the abuse of anonymous shell companies.

Letter from the CEOs of Dow Chemical, Salesforce, Unilever, Allianz, Virgin, and the Kering Group supporting beneficial ownership disclosure.

Business leaders, financial institutions, investors and governments are taking action to end anonymous companies. On June 28, lawmakers introduced two bills in the United States House of Representatives and Senate which will make it harder for criminals to use anonymous shell companies as vehicles for fraud, crime, and corruption.

Today B Team Leaders and CEOs Andrew Liveris, Paul Polman, Marc Benioff, François-Henri Pinault, Oliver Bäte and Josh Bayliss sent a letter to key members of Congress in support of these legislative efforts.

Joint Letter from 44 Organizations Supporting the TITLE Act (S.1454)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition)  joined 43 other organizations to send a letter to Sens. Whitehouse, Grassley, and Feinstein supporting the True Incorporation Transparency for Law Enforcement (TITLE) Act [S. 1454], which would require companies to disclose information about the real people who own or control them (often called the “beneficial owners”) at the time they are created.

A Simple Step to Address a Far-Reaching Problem

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Today, Senators Whitehouse, Grassley, and Feinstein and Representatives Maloney, King, Royce, Waters, and Moore introduced a bipartisan bill to end the use of anonymous shell companies.  If passed by Congress and signed by the President, the measure would disrupt the global system for money laundering used by corrupt public officials, terrorists, drug cartels, human trafficking operations, and others and provide leadership to the international move toward transparency.

Joint Letter from 44 Organizations Supporting the Corporate Transparency Act (H.R. 3089)

The FACT Coalition joined 43 other organizations to send a letter to Reps. Maloney, King, Royce, Waters, and Moore supporting the Corporate Transparency Act (H.R. 3089), which would enable law enforcement to more effectively and efficiently conduct investigations, enhancing safety by saving time and resources in pursuing complex money laundering operations. The full letter can be read below or downloaded here.