Financial Transparency Coalition

This Saturday marks the two-year anniversary of Citizen's United v. Federal Election Commission, the decision which opened the door in the United States for unlimited corporate contributions to campaigns and political action committees, a practice that had long been forbidden. Most organizations which engage in political advocacy, including campaigns, are forced to disclose who donated how much money to their group.

This video shows a discussion about beneficial ownership from the Task Force 2011 Conference in Paris, France. Panelists discuss how a lack of disclosed beneficial ownership protects corrupt dictators and tax dodgers from law enforcement scrutiny, why legitimate businesses will not be hurt by the requirement, and implications for international development.

Imagine for a moment that airline security were left up to individual states, rather than the federal government. It’s perhaps not too much of a stretch of the imagination to conclude that different states would adopt different levels of security. For example, some states might require their passengers to provide identification to ensure they aren’t terrorists and pass their bags through x-ray machines to ensure those passengers aren’t trying to load illicit materials onto the airplane. Other states, though, might think it’s advantageous to reduce their security requirements. They might argue that by reducing screening, they could trim down...

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.