In this month’s edition of Just the FACTs, New York Times analysis shows widespread use of tax havens by major multinationals, the GAO releases a new report on risks from anonymous shell companies, and Senators Warren and Wyden call on Treasury to act to keep dirty gold out of the U.S. Mint.
Recent backsliding on important anti-money laundering initiatives, including the administration’s regulatory gutting of the Corporate Transparency Act, have raised concerns about how the U.S. will perform in its upcoming FATF mutual evaluation. The stakes are both global and domestic.
In this month’s edition of Just the FACTs, FACT and allies respond to reckless House vote threatening the Corporate Transparency Act, and FACT joins 34 other civil society organizations in offering policy recommendations on illicit gold ahead of UK summit.
Read the new briefing paper prepared by FACT and 33 other non-governmental organizations ahead of this summer’s UK Illicit Finance Summit, with recommendations for both UK-level and global reforms necessary to tackle the growing threats associated with the illicit gold trade.
A number of misconceptions have been cited by lawmakers to justify repealing and hollowing out the Corporate Transparency Act (CTA). In a letter to House Financial Services Committee leadership, FACT and Transparency International U.S. set the record straight.
“There could be no greater gift to the fentanyl traffickers, fraudsters, and U.S. adversaries that rely on the anonymity that shell companies provide than gutting the Corporate Transparency Act.” – FACT Deputy Director Erica Hanichak
