Working toward a fair tax system that addresses the challenges of a global economy and combating the harmful impacts of corrupt financial practices.
Founded in 2011, the Financial Accountability and Corporate Transparency (FACT) Coalition unites civil society representatives from small business, labor, government watchdog, faith-based, human rights, anti-corruption, public-interest, and international development organizations. We seek an honest and fair corporate tax code, greater transparency in corporate ownership and operations, and commons
ense policies to combat the facilitation of money laundering and other criminal activity by the financial system. At a time when countries around the world face budget crises, economies continue to bleed massive amounts of revenue due to secrecy in the financial system which facilitates corruption, tax evasion and money laundering. Shell corporations, anonymous trusts and bank secrecy both in the United States and abroad make it easy for criminals, terrorists, government officials and even otherwise legitimate multinational companies to hide their money and difficult for law enforcement and tax authorities to do their jobs. The FACT Coalition believes it is critical to debunk the myths and false claims of those who want to keep the status quo under the guise of promoting competition and protecting businesses. Our campaign will raise awareness and demonstrate broad support for real reforms. The policy changes we seek include:
* Requiring ownership information of all business entities, trusts, foundations and charities – information that indicates who actually controls these entities – be made available to law enforcement and the public;
* Requiring country-by-country reporting by multi-national corporations of the sales made, profits earned and taxes paid in every jurisdiction where an entity operates;
* Strengthening, standardizing and enforcing anti-money laundering laws; and
* Eliminating loopholes in our tax system to make sure that the corporations that benefit from all of the resources, protections and markets in the United States pay their fair share of taxes. Our organizations support these goals for many different reasons – from job security to national security; from fiscal responsibility to human rights. But we are united in our belief that the status quo, with shadow banking systems, shell companies and widespread secrecy severely damages both the developed and developing worlds.
04/11/2023
A true game changer for international is being advanced in Australia, where legislation has been introduced to mandate public country-by-country reporting of tax and operational data from large multinational corporations.
“Understanding where multinational corporations are doing business and paying – or not paying – taxes is a vital step towards ending the era of corporate tax avoidance that has robbed governments worldwide of much-needed revenues and exacerbated global inequality." - FACT Executive Director Ian Gary.
The legislation – expected to pass through the Australian Parliament this year – represents the first public country-by-country reporting regime with global reach to be advanced by any major jurisdiction.
03/21/2023
The FACT Coalition is seeking capable, passionate candidates for policy positions at two different levels: Policy Fellow, and Policy Director.
Be a part of the urgent fight for financial transparency, tax justice, and effective anti-corruption policy:
Learn about jobs and internship opportunities with the Financial Accountability and Corporate Transparency (FACT) Coalition.
03/21/2023
Treasury's draft form to collect beneficial ownership info under the Corporate Transparency Act could "sink a landmark anti-corruption achievement more than a decade in the making."
The form allows reporting companies - that are required by law to disclose information on their true owners to Treasury - to simply say that they are "unable to obtain" that information.
There is no conceivable scenario in which a legitimate business could not determine who owns it.
Read more here:
The FACT Coalition today submitted comments with 14 other organizations calling on the Treasury Department to substantially amend a draft form that LLCs, corporations, and other entities operating in the U.S. will use to report their true, “beneficial” owners under the Corporate Transparency Act...
03/01/2023
Join the FACT Coalition, Global Alliance for Tax Justice and the Nawi-Afrifem Macroeconomics Collective on March 10 at 12:00pm for a panel discussion and learning exchange on advancing the fight for through .
This event will highlight growing efforts in Africa to analyze and tackle the macroeconomic systems which discriminate against women, as well as reform campaigns designed to support the realization of women's rights and promote gender equality.
How do U.S. policies support or undermine these efforts, and what steps can be taken to advance women’s rights and tax justice both in the U.S. and abroad?
Whether you're joining us at the Open Gov Hub or online, register for this great event below:
Join FACT, GATJ, and the Nawi Collective for a hybrid in-person and virtual panel discussion highlighting growing efforts in Africa to analyze and tackle discriminatory macroeconomic systems and their impacts on women.
02/27/2023
FACT is hiring a Policy Director!
Apply to be our next Policy Director to play a leading role in the fight for global tax justice and to help end America's status as the #1 financial secrecy jurisdiction in the world. Join our dynamic team and a 100+ member coalition!
Learn about jobs and internship opportunities with the Financial Accountability and Corporate Transparency (FACT) Coalition.
06/09/2022
RSVP for JUNE 22 (12-1pm ET)! FACT is hosting the U.S. launch of Oliver Bullough's new book, "Butler to the World: How Britain Helps the World’s Worst People Launder Money, Commit Crimes, and Get Away with Anything."
Join us – as well as UK and US legislators – to discuss what policymakers can do to tackle financial secrecy and kleptocracy.
Oliver Bullough joins FACT, legislators from the U.S. and U.K., and advocates to discuss the problems caused by dirty money on both sides of the Atlantic.
05/19/2022
Senate passes the aid package with $52 million for the U.S. Treasury.
READ our statement ⬇️
“To be able to freeze and seize Russian oligarch assets, you need to know who owns them,” said Mr. Gary. “U.S. officials need modern tools – like those enacted in the bipartisan Corporate Transparency Act, which will pull back the veil on the owners of anonymous U.S. entities – to be truly effective in cracking down on Putin’s cronies. That’s why FinCEN needs additional funds to deliver timely, effective rules putting those tools in place.”
December was huge in the fight against corruption as the U.S. moved towards greater global leadership in anti-corruption. Get caught up on this and more with "Just the FACTs."
“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and the laundering of money through the financial system.
11/12/2021
Heads are still reeling from the Pandora Paper revelations.
If yours is too, tune in to our recent talk on what the largest ever exposé of offshore financial documents demands of us and of U.S. policymakers to take on secrecy and corruption.
Erica Hanichak, Government Affairs Director
10/13/2021
The Pandora Papers revealed the high level of secrecy within the global financial system, exposing the secret financial schemes of 14 current heads of state and more than 330 politicians from 90 countries.
In FACT's latest blog, Government Affairs Director Erica Hanichak identifies gaps in current U.S. law that lead to secrecy, and how these gaps can be closed in order to achieve goals of "financial transparency, tax fairness, and good governance that are crucial for democratic societies and the rule of law."
The “Pandora Papers” – the largest exposé to-date of how global politicians, business leaders, celebrities, and multinational companies use and abuse the “offshore” financial system – are both shocking and surprisingly familiar.
10/07/2021
The Pandora Papers have revealed the unprecedented scope of U.S. havens for financial secrecy. "Although the U.S. has made significant headway in recent months when it comes to shell-company transparency, it's continued to drop the ball regarding transparency for other financial entities," says Casey Michel.
That's why the US has called on Treasury's Financial Crimes Enforcement Network to include certain trusts, foundations, and business associations in its rulemaking on the Corporate Transparency Act, which Congress passed this year to end the abuse of anonymous U.S. entities.
Read Michel's break down how the Pandora Papers shed light on the U.S struggle for financial transparency:
How landlocked South Dakota became one of the world’s hottest destinations for offshore funds.
10/01/2021
FACT's Olivia Meade draws the connections between the global battle against corruption and localized struggle for fair housing. Read up on how dirty money floods US Main Streets, and how the administration could put an end to it.
Pulling back the veil on anonymous real estate purchases allows American citizens to have better access to affordable and quality housing.
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The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.
Founded in 2011 under the leadership of Nicole Tichon, who served as the coalition’s original executive director, FACT quickly grew to include a large and diverse membership. During the first gathering at the Pocantico Retreat Center in New York, the groups established the following goals.
Our Goals
End the use of anonymous shell companies as vehicles for illicit activity;
Strengthen, standardize, and enforce anti-money laundering laws;
Require greater transparency from multinational corporations to promote informed tax policy;
Ensure that the U.S. constructively engages in global financial transparency initiatives; and
Eliminate loopholes that allow corporations and individuals to offshore income and avoid paying their fair share of taxes.
Why It Matters
There is untold wealth hidden in secrecy jurisdictions around the globe. The wealth-stripping from corrupt practices and regimes, illegal activity, and legal-but-ethically-bankrupt tax avoidance schemes is larger than most can possibly imagine. Because of the secret nature of the financial flows, it is impossible to know precisely the amount of money, but economist Gabriel Zucman estimates at least $7.6 trillion is in tax havens and secrecy jurisdictions. The Boston Consulting Group estimates $11 trillion. And the Tax Justice Network estimates between $21 and $32 trillion dollars.
Until the passage of the U.S. tax overhaul in 2017, the 500 largest U.S. companies had $2.6 trillion stashed offshore, costing American taxpayers over $750 billion in unpaid taxes. Indeed, the annual cost of offshore tax avoidance by multinational companies, pre-tax law, was estimated to be $94 billion to $135 billion; the non-partisan Joint Committee on Taxation estimates that the tax overhaul will increase the revenue loss to offshore tax avoidance by an additional $14 billion over the next decade. At the same time, overseas tax evasion by individuals drains an additional $35 billion to $70 billion each year from the American public.
We seek a larger conversation about how specifically certain interests are manipulating the tax system and undermining our ability to act collectively to solve problems. The secrecy, in particular, allows certain entities to play by a different set of rules than the rest of us. Internationally, the secrecy facilitates corruption and impoverishes developing countries. In the U.S., we are complicit in the draining of wealth of other nations and fueling the austerity movement in our own.
