Illicit Financial Flows | Page 5

Financial Secrecy Feeds Kleptocracy and Environmental Destruction. Now is the Time for the U.S. and the World to Act on Beneficial Ownership Reform

November 3, 2021

Operating in financial secrecy, bad actors are free to profit from environmental degradation, and in doing so undermine the global fight against climate change. As global leaders make new commitments this week at COP26, it’s time that politicians promise to shine a light on global financial secrecy, particularly the use of anonymous shell companies, as a crucial climate reform.

Transparency is the Prize in Post-Pandora Papers Scramble

October 12, 2021

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.

CUNA Letter on the Corporate Transparency Act

June 11, 2019

On June 11th, the Credit Union National Association (CUNA) wrote a letter to Patrick McHenry and Maxine Waters of the House Financial Services Committee in order to express support for the Corporate Transparency Act.

‘The Ugliest Chapter Since Slavery’: How Illicit Financial Flows Thwart Human Rights in Africa

December 12, 2018

The Universal Declaration of Human Rights turned 70 on December 10. Governments and civil society organizations around the world commemorated the day with a range of activities.

Over the years, the Declaration has been a global beacon for Africans fighting against colonialism and for inclusive economic equality and sustainable development. Its provisions stand as aspirational goals for nations, and standards that nations are duty-bound to uphold and promote.

But what if despite your country’s commitment to uphold these and other fundamental freedoms, every year it was robbed of the financial resources necessary to promote and protect rights?

Tracking Illicit Russian Financial Flows

April 18, 2018

Trillions of dollars in capital flows into the United States annually, and trillions of dollars in payments are cleared through New York daily. No one knows exactly whom the funds belong to, where they are held, or how they are deployed. No one knows because the U.S. government does not track the money — but it could if it wanted to. What is known is that Russia, other countries of the Commonwealth of Independent States, and China are the primary drivers of non-transparent capital flows worldwide.

New Report: Anti-Money Laundering Efforts Near Failure

August 23, 2017

Former Treasury Agent Urges Authorities to Target the Drivers of Human Trafficking, Drug Smuggling, and Corruption
Ending Anonymous Companies; Trade Transparency Units; Holding Gatekeepers Accountable Among Policy Recommendations
WASHINGTON, D.C. – Worldwide anti-money laundering efforts are currently just a decimal point away from total failure, according to a new report published Tuesday by the FACT Coalition.