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Search Results for financial crime

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.

FACT Sheet: Why Beneficial Ownership Transparency Matters

Phantom firms can open bank accounts, wire money, buy property, and transact business like any other company, making them an attractive method for hiding, moving, and using money or other assets. As a result, phantom firms are often misused for a multitude of illegal or unethical activities.

FACT Coalition to U.S. Government: Time to End Phantom Firms UK Announces Public Registry of Corporate Ownership

Today’s commitment from the Prime Minister of the United Kingdom to make a registry of the actual owners of corporations publicly available represents significant progress toward cracking down on anonymous companies polluting the globe. Because the United States is a prime destination for setting up anonymous companies that are used to facilitate crime and move dirty money, members of the FACT (Financial Accountability and Corporate Transparency) Coalition urge the U.S. to follow through on its G8 commitment to collect information about the ultimate owners of companies. The coalition encourages the U.S. to join the UK by pledging to make this information available to the public.