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Panama Papers

Just the FACTs: August 5, 2016

It’s no secret, secret shell companies are dangerous.  A report by FACT member Global Witness in early July showed us how these companies are being used to defraud the federal government and put our armed forces at risk.  This week, a new report from another FACT member, Fair Share Education Fund, exposed connections to shell companies and the opioid epidemic.  The report, “Anonymity Overdose”, explains how ending the use of anonymous shell companies could make it significantly harder to keep drug profits hidden from law enforcement.

Likewise, shell companies are often used to launder illicit money through real estate.  A geographic targeting order from the Treasury Department began collecting information on high risk purchases in two of the biggest U.S. housing markets back in March.  According to an article in The New York Times, more than a quarter of the all-cash luxury home purchases made using shell companies in Manhattan and Miami were flagged as suspicious.  The Treasury Department will now expand the program to other major housing markets across the country.

 

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New Panama Papers Release Shows Vast Network of Secret Companies

U.S. Called Out as Among Easiest Countries to Open Anonymous Shell Companies Renewing Calls for Congressional Action
WASHINGTON, DC — The International Consortium of Investigative Journalists (ICIJ) published more than 200,000 documents from a trove of leaked files known as the Panama Papers this afternoon, renewing calls from anti-money laundering and tax policy experts in favor of bipartisan transparency measures to curb terror finance, corruption, and tax evasion.  The bill is called the Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450 |S. 2489).

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Anti-Money Laundering Experts Deeply Concerned by Administration’s Flawed ‘Panama Papers’ Response

Loopholes in New Treasury Rule Perpetuate Problem of Anonymous U.S. Shell Companies—Enabling Terror Finance, Crime, and Corruption
WASHINGTON, DC – Leading anti-corruption, anti-money laundering, and tax policy experts expressed deep concerns about a set of rules and proposals announced by the Obama Administration last night in the wake of the so-called “Panama Papers” revelations.

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After Panama Papers, Scores Descend on Capitol Urging Tax and Transparency Solutions

Former Reps. Claudine Schneider (R-RI) and Mary Jo Kilroy (D-OH) among over 70 Faith, Small Business, Law Enforcement, Local Leaders Pushing for Bi-Partisan Tax and Transparency Policies
WASHINGTON, D.C. – Following the recent exposé dubbed the “Panama Papers,” a bi-partisan grouping of more than 70 faith leaders, small business owners, local leaders, and public interest advocates from 25 states will be on Capitol Hill this week to urge lawmakers to support tax and transparency legislation that benefits small businesses, taxpayers, and vulnerable communities.

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Spokespeople Available: Leaked #PanamaPapers Expose Deadly World of Anonymous Shell Companies

U.S. the 2nd Easiest Place in the World to Open Anonymous Shell Companies to Launder Money
70+ Faith Leaders, Small Business Owners, Citizen-Lobbyists Headed to Washington Next Week to Call on Lawmakers to End Abuse of Anonymous Companies
WASHINGTON, DC — A trove of more than 11 million documents from a Panamanian law firm leaked to the International Consortium of Investigative Journalists shows the deadly, devastating toll that anonymous companies take on the world, highlighting the need for U.S. action, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.

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