Financial Transparency Coalition

WASHINGTON, DC – Yesterday, Rep. Carolyn B. Maloney (D-NY), Rep. Barney Frank (D-MA) and Rep. Stephen F. Lynch (D-MA) introduced legislation, which would require that the beneficial owners of corporations and limited liability companies (LLCs) be disclosed at the time companies are formed. Anti-corruption watchdogs, law enforcement groups, and human rights organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act, a crucial tool in aiding law enforcement and keeping criminal and tax evading money out of the United States.

Yesterday Heather Hobson, the jury forewoman in the trial of Viktor Bout, looked the infamous illegal arms dealer in the eyes and announced the jury’s final finding of guilt. Bout, a former Soviet air force pilot, has been nicknamed the “Merchant of Death” for his role in funneling weapons to terrorists, including the Taliban and Al Qaeda; trans-national criminals; and armed combatants locked in some of the world’s bloodiest conflicts. Though Bout has claimed on a Russian radio program that he has “never gotten into the arms trade,” according to European intelligence sources and documents from an African country uncovered...

WASHINGTON, DC – The past twenty-four hours has seen the publication of two reports and the disclosure of an asset forfeiture complaint which, collectively, lay bare the size and seriousness of a global money laundering epidemic—underscoring the need for better incorporation transparency measures.

The Financial Action Task Force (FATF) is a global, instrumental inter-governmental group that develops and promotes policies battle money laundering and terrorist financing. The FATF issues a set of recommendations to outline criminal justice and regulatory measures that countries should implement to effectively fight these problems. This set includes the FATF’s 40 Recommendations, which cover a complete list of anti-money laundering (AML) measures and span the criminal justice system, law enforcement, the financial system, financial regulation, and international co-operation. Additionally, the FATF releases 9 Special Recommendations, which specifically address terrorist financing. Together the 40+9 Recommendations form the international standard for...