FACT submitted a statement for the record in the April 30 House Small Business Committee hearing, “Under the Microscope: Examining FinCEN’s Implementation of the Corporate Transparency Act.”
and Oxfam America to discuss the impact that a global agreement on the taxation of multinational companies would have on the U.S. economy.
Small business associations endorse Senate legislation for country-by-country reporting to even the playing field with multinational enterprises.
Small Business Majority (SBM) sent a letter to the Senate Banking Committee voicing support for the ILLICIT CASH Act (S.2563).
Anonymous companies have been used by rogue employees to embezzle money, fraudulent vendors to undermine supply chains, and bogus competitors to steal contracts.
With fewer resources than larger enterprises, small businesses are often easy targets for scammers and criminals.
Business Support Continues to Grow for Corporate Ownership Transparency
A group of CEOs from major companies, a trade association of major multinational enterprises, and a small business trade group each called on Congress over the past week to end the abuse of anonymous shell companies, adding to the momentum to enact corporate ownership transparency legislation.
CEOs
A dozen current and former CEOs from major corporations (including Allianz, Chobani, Danone, Kering, and Unilever) sent a letter to Congress on Tuesday calling on lawmakers to end anonymous shell companies by enacting the bipartisan Corporate Transparency Act of 2019.
