The tools that Congress and the White House commit to Ukraine’s fight for independence and democracy must not be undermined by failings in our own institutions.
While the White House considers and implements immediate actions to aid Ukraine, it must also pursue structural U.S. anti-money laundering reforms to increase the effectiveness of targeted U.S. sanctions and to end the weaponization of U.S. legal and financial systems against democratic and open societies.
The FACT Coalition welcomed the White House announcement of a “multilateral Transatlantic task force” to identify and freeze the assets of sanctioned Russian companies and oligarchs.
The Financial Accountability and Corporate Transparency (FACT) Coalition submitted detailed comments yesterday in response to the Treasury Department’s call for public input on a draft rule to implement the Corporate Transparency Act (CTA)
This year promises to be one of the most important in recent history in America’s fight against illicit financial flows, global corruption, and kleptocracy.
“The FACT Coalition warmly welcomes this proposed rule, and we are glad to see Treasury’s FinCEN implementing the plain language of this landmark beneficial ownership disclosure law,” said Ian Gary, Executive Director of the FACT Coalition. “These rules, along with the earlier releases this week of the White House’s Strategy on Countering Corruption and the notice of proposed rulemaking from FinCEN aimed at tackling systemic money laundering vulnerabilities in the U.S. real estate sector are a clear demonstration of an emerging American commitment to tackling global corruption, which corrodes democratic governance both at home and abroad.”
