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U.S. Senator Ben Cardin Argues for ESTT Amendment on U.S. Senate Floor
May 6th, 2010
U.S. Senator Ben Cardin (D-Maryland) took to the U.S. Senate floor today to argue in favor of attaching the Energy Security Through Transparency Act (ESTT) to the financial regulatory reform legislation moving through Congress. The ESTT legislation would help bring much needed transparency to the extractive industries by requiring companies in the oil, natural gas, and minerals industries to disclose payments made to foreign governments. Watch the video clip from C-SPAN below: Continue Reading
Senate Holds Hearing On Money Laundering, Releases Report
February 4th, 2010
The Senate subcommittee on investigations held their hearing today to highlight the problem of US law and money laundering activities from foreign officials. They also released a report, which can be downloaded here. I wrote about the hearing yesterday, so I'd like to make a general comment about the report. Reading through each of the case studies, a theme emerges. At various points in each study, certain public and private individuals and institutions identified the unlawful or suspect nature of the financial transactions taking place in front of them. Often, they acted to close a bank account, notify authorities,...
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Foreign Account Tax Compliance Act of 2009
October 27th, 2009
Summary: Recent events have highlighted the growing use of foreign financial institutions, foreign trusts, and foreign corporations by U.S. individuals to evade U.S. tax. In order to prevent this tax evasion, the Foreign Account Tax Compliance Act of 2009 would provide the U.S. Treasury Department with significant new tools to find and prosecute U.S. individuals that hide assets overseas from the Internal Revenue Service.
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Baucus, Rangel, Kerry, Neal Press Release on Foreign Account Tax Compliance Act of 2009
October 27th, 2009
Washington, D.C. – Senate Finance Committee Chairman Max Baucus (D?Mont.), House Ways and Means Committee Chairman Charles Rangel (D?NY), senior Senate Finance Committee member John Kerry (D?MA) and Ways and Means Select Revenue Subcommittee Chairman Richard Neal (D?MA) today unveiled a comprehensive proposal to clamp down on tax evasion and improve taxpayer compliance by giving the IRS new administrative tools to detect, deter and discourage offshore tax abuses.
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We are a pioneering global network of organizations working on illicit financial flows. We use our wide reach and expertise to influence global norms and standards for financial transparency, and close loopholes in the global financial system. We seek to curtail illicit financial flows through the promotion of a transparent, accountable and sustainable financial system that works for everyone.