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
The Corporate Transparency Act is under threat from opponents who say its reporting requirements are “too burdensome” for small businesses, and who downplay the risks posed by anonymous companies. The facts say otherwise.
FACT is hiring a new Executive Director, the OECD makes changes to the global corporate minimum tax, the 11th Circuit upholds the CTA, and Treasury delays much-needed AML safeguards for the private investment sector.
On December 16, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the Corporate Transparency Act, the most significant new federal anti-money laundering law in a generation.
Read FACT’s official statement for the record on a House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions hearing on”Evaluating the Financial Crimes Enforcement Network.”
