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.

Last May, President Obama delivered his widely viewed “Arab Spring” speech, in which the President made a clear link between combating corruption, the stability of nations and human dignity. Unfortunately, proposed amendments to the Foreign Corrupt Practices Act (FCPA) by the U.S. Chamber Institute for Legal Reform, an affiliate of the U.S. Chamber of Commerce, go against the current global trend, and threaten to undermine America’s role as a global leader against corruption. I attended a FCPA briefing on Capitol Hill on September 16th for a new report, “Busting Bribery: Sustaining the Global Momentum of the Foreign Corrupt Practices...

Raymond W. Baker, the director of Task Force member Global Financial Integrity, has written a letter to Rep. Jim Sensenbrenner (R - WI) warning him against introducing legislation to weaken the Foreign Corrupt Practices Act (FCPA). The letter, which has received coverage from The Wall Street Journal and Just Anti-Corruption suggests there will be political ramifications to for the Congressman should he follow through with his promise to introduce legislation to ammend the nation's flagship anti-corruption law. Just Anti-Corruption (subscription required) reports:

WASHINGTON, DC – Proponents of tax fairness and financial accountability applauded the news yesterday of the Senate’s passage of patent-reform legislation containing a provision to eliminate tax strategy patents.