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FACT Sheet: Business Case for Ending Anonymous Companies (February 2019)

Anonymous companies are behind just about every financial crime.  They are the vehicle of choice for laundering money obtained through illicit activity.  Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes and impunity.

The pervasive use of secret shell and front companies also impacts the broader economy.  As such, more and more businesses are speaking out.

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FACT Sheet: Business Case for Ending Anonymous Companies (December 2018)

Anonymous companies are behind just about every financial crime.  They are the vehicle of choice for laundering money obtained through illicit activity.  Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes and impunity.

The pervasive use of secret shell companies has also begun to impact the broader economy.  As such, more and more businesses are speaking out.

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Small businesses need Congress’ help to crack down on fraud

Sometimes it feels like you have to be a superhero to build a successful small business. From performing multiple jobs to working long hours, it takes a lot of skill and strength to succeed.
One thing no small-business owner can do, however, is actually fight crime. As a result, Congress must protect small-business owners like me from fraud by requiring businesses to disclose the true identity of their owners.

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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.

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World’s Largest Banks Endorse Ending Anonymous Shell Companies

Letter from The Clearing House Endorses Bipartisan Incorporation Transparency and Law Enforcement Assistance Act
WASHINGTON, D.C. – On Monday, the Clearing House Association—representing the world’s largest commercial banks—sent a letter to Congressional lawmakers supporting strong measures to crack down on the abuse of anonymous companies.  The group, which counts among its owners Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, explicitly endorses the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450, S.2489).

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