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New York Times Letter: Real Estate Transparency

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In a New York Times letter, FACT’s Clark Gascoigne writes that Treasury’s plan falls short of what’s needed to combat the financial system’s role as a money-laundering haven.
To the Editor:

Re “Property Sales Get U.S. Scrutiny” (front page, Jan. 14):

The Treasury Department’s plan to scrutinize the secret companies buying real estate in New York and Miami is a welcome first step toward cleaning up parts of the real estate market, but it falls far short of what’s truly needed to combat the United States financial system’s role as a major money-laundering haven.

FACT Welcomes Bill to Curb Money Laundering and Terror Financing

“Holding Individuals Accountable and Deterring Money Laundering Act” Will Help Return Rule of Law to U.S. Financial System; Bring America in Line with International Standards
WASHINGTON, DC – The FACT (Financial Accountability and Corporate Transparency) Coalition welcomed the introduction of legislation to improve anti-money laundering and counter-terror finance safeguards while heightening the accountability of financial institutions.  Sponsored by Representative Maxine Waters (D-CA), the Holding Individuals Accountable and Deterring Money Laundering Act [H.R. 4242] targets the individuals (or enablers) at financial institutions responsible for accepting suspect funds, while aligning the United States with a number of international anti-money laundering (AML) standards.

FACT Honors Senator Grassley for Work on Corporate Transparency

Award is Part of Training Session Held to Educate, Motivate Activists
Des Moines, IA – Capping the first day of its two-day training sessions in Iowa, the FACT (Financial Accountability and Corporate Transparency) Coalition today honored Senator Charles Grassley (R-IA) with an award marking its appreciation of his efforts in to make corporate ownership more transparent.

FIFA Bribery Scandal Raises Questions about Anti-Money Laundering Checks in U.S. Banks

The recent bribery scandal involving soccer’s international governing body, FIFA, has revealed involvement of U.S. banks in moving alleged bribes through the financial system, raising questions about whether the banks were properly implementing and applying anti-money laundering rules, including customer due diligence on shell companies, and verifying the source of funds coming into the accounts. The corruption allegations, which have resulted in the resignation of FIFA President Sepp Blatter, demonstrate the need for stronger regulations and enforcement, the FACT (Financial Accountability and Corporate Transparency) Coalition said today.

FACT Lauds Passage in UK of Transparency Law

The FACT (Financial Accountability and Corporate Transparency) Coalition today praised the passage of legislation in the United Kingdom to crack down on the use of anonymous shell companies with the creation of a public registry of corporate ownership. The new law brings increased pressure on the United States to follow suit.