New country-by-country reporting requirements for major multinationals doing business in Australia represent massive breakthrough for global tax transparency, and Treasury appeals misguided nationwide injunction against enforcement of the Corporate Transparency Act.
A nationwide preliminary injunction preventing Treasury from enforcing the Corporate Transparency Act “is a Christmas gift to criminals who use anonymous shell companies to traffic fentanyl, exploit people, and hide dirty money.”
While major progress has been made in 2024 on key anti-money laundering priorities, more work is needed to counter corruption and ensure government integrity and accountability to the public.
Read the new letter from FACT and Transparency International U.S. urging Treasury to meet its statutory deadline for important aligning regulations required under the Corporate Transparency Act.
FACT applauds the Senate Appropriations Committee’s new bill expanding funding for the nation’s primary financial intelligence unit, the Financial Crimes Enforcement Network, by more than $25 million.
The Court of Appeals must find the Corporate Transparency Act constitutional and allow this long overdue U.S. financial reform to continue to be fully implemented. If not, the Court will give a free pass to fentanyl traffickers, tax evaders, and U.S. adversaries to abuse the opacity of the U.S. financial system.
