Bad actors beware – it’s #KleptoMonth again in Washington, D.C. In their announcement last Friday, the bipartisan leadership of the Congressional Caucus against Foreign Corruption and Kleptocracy (CAFCAK) joined dozens of civil society activists, the FACT Coalition among them, in calling for the rest of Congress to take action.
The FACT Coalition applauds the inclusion of $52 million in emergency funds for the U.S. Treasury Department as part of the appropriations package passed today by the U.S. Senate. Today’s vote sends the larger $40 billion Ukraine aid package to the President’s desk to sign into law, and will assist Ukraine in the face of Russia’s illegal invasion.
The Kremlin’s continued, barbaric invasion of Ukraine has shone a light on the paramount importance of providing support for sanctions enforcement and closing the blindspots to corrupt and illicit flows in our financial system. Underfunding and understaffing threaten to take the bite out of sanctions and give Putin cover from the West’s best financial tools to counter Russia’s illegal aggression.
Inadequate funding for the U.S. Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI) jeopardizes the enforcement of new U.S. sanctions in light of President Putin’s unlawful invasion of Ukraine.
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.
Commercial Support for Ownership Disclosure Grows as National Foreign Trade Council Backs Incorporation Transparency
Momentum continues to build in the fight to tackle the abuse of anonymous shell companies.
Richard Sawaya, the vice president of the National Foreign Trade Council, which represents major U.S. multinational businesses, just endorsed cracking down on money laundering and anonymous shell companies in a new op-ed in The Hill regarding Russia sanctions.
While the FACT Coalition takes no position on most of the content in the op-ed, the penultimate paragraph of the article says:
“Congress should focus on… incorporating new ideas… that would crack down on Russian money laundering and shell corporations, expose the financial crimes of Putin cronies, and prevent U.S. real estate from being a haven for kleptocrat money, all without measurably hurting the U.S. economy.”
NFTC—whose’s board of directors consists of major U.S. businesses including Caterpillar, Coca-Cola, Exxon, Fluor, General Electric, Pfizer, Procter & Gamble, and Walmart—joins the entire financial services industry, the National Association of Realtors, the vast majority of small business owners, and other large companies such as Dow Chemical, Unilever, and Salesforce in pushing for incorporation transparency.