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.”
The Financial Accountability and Corporate Transparency (FACT) Coalition today warmly welcomed the Biden Administration’s publication of a first-ever U.S. national strategy to combat corruption.
Recent progress achieved through creating a global minimum corporate tax must be complemented by greater tax transparency and enforcement. As the saying goes, “sunlight is the best disinfectant.”
The past week’s revelations through the “Pandora Papers” – the largest exposé to-date of how global politicians, business leaders, celebrities, and multinational companies use and abuse the “offshore” financial system – are both shocking and surprisingly familiar.
An historic anti-corruption measure ending anonymous companies in the United States became law on Friday, capping a more than decade-long campaign by transparency advocates.
