103 nonprofit, civil society, labor, environmental, and civil rights groups underscore the need for country-by-country reporting to address underlying problems exacerbated by the COVID-19 crisis.
The FACT Coalition filed comments for the record to House Financial Services Committee regarding a Virtual Hearing titled “Cybercriminals and Fraudsters: How Bad Actors Are Exploiting the Financial System During the COVID-19 Pandemic,” on June 16th, 2020.
Corruption thrives in crisis. As the nation rushes to stop the bleeding of the COVID-19 pandemic, new opportunities arise for bad actors—common criminals, corrupt officials, U.S. adversaries, and authoritarian regimes—to exploit gaps in the U.S. financial system for their own gain. Congress must spend the coming weeks not only readying the next economic response to COVID-19 but also tackling the long-standing vulnerability of U.S. financial secrecy, to keep the trajectory of the national and global recovery on course.
The FACT Coalition sent a letter to Congress outlining key transparency and accountability measures to guide the ongoing policy response to COVID-19.
Transparency International has issued on a factsheet on the importance of anti-corruption measures, including beneficial ownership disclosure, in formulating a response to the COVID-19 pandemic.
The FACT Coalition sent a letter to Congress opposing any offshore corporate tax giveaways in a COVID-19 emergency response package and calling for country-by-country tax transparency as a prerequisite for any potential tax breaks or bailouts.