The FTC welcomes progress on transparency and curbing illicit flows in the United States of America

December 4th, 2020

Leaders of the U.S. Senate and U.S. House of Representatives took a major step toward ending the incorporation of anonymous companies in the United States and updating federal anti-money laundering laws Thursday with the bipartisan unveiling of legislative text for the annual must-pass defense bill. The House and Senate are both expected to approve this version of the National Defense Authorization Act (NDAA), which includes the Corporate Transparency Act, before the end of the year.

At the Financial Transparency Coalition (FTC), we have been fighting illicit financial flows for years by promoting transparency and accountability reforms, including measures related to beneficial ownership.

The FTC welcomes this initiative and joins our colleagues from the Global Financial Integrity (GFI), members of the FTC, as well as other civil society organizations, in calling on members of the US Congress to pass these reforms in the coming days

Eryn Shornick, Interim Director of the FTC says “This is a major step in the right direction. The fight against global Illicit financial flows requires political will and commitment, especially from the world’s largest incorporating country. Company ownership transparency is critical to preventing money laundering and corruption, and to making the financial system work for everyone”

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