New Documentary Exposes the Shocking Truth Behind the Infamous Ponzi Scheme Scandal
WASHINGTON, DC – Comparable to the dogged pursuit of Al Capone by Eliot Ness, “Chasing Madoff” is the compelling story of Harry Markopolos and his team of investigator’s ten-year struggle to expose the truth behind the infamous Bernie Madoff scandal. Over the course of a decade, Markopolos pieced together a chain of white-collar crooks including international bankers, lieutenants, and henchmen, linked to Madoff’s devestating Ponzi scheme.
Legislation Would Prevent Criminals and Tax Evaders from Laundering Illicit Money through U.S. Financial Institutions, Provide Crucial Information Access for Law Enforcement
WASHINGTON, DC – Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced bi-partisan legislation today, which would require companies to disclose the names of the beneficial owners of corporations and limited liability companies (LLCs) when formed. Anti-money laundering proponents, law enforcement groups, and financial transparency organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act of 2011, a crucial step toward strengthening law enforcement and keeping criminal and tax evading money out of the U.S.
New Legislation Would Close Offshore Tax Loopholes, Increase Financial Transparency and Accountability
WASHINGTON, DC – Representative Lloyd Doggett will introduce the “Stop Tax Haven Abuse Act” today, taking aim at offshore tax haven abuses, which cost the U.S. Treasury approximately $100 billion in lost tax revenue per year. The bill contains an array of provisions which would permanently close offshore tax loopholes, raise revenue, and increase transparency and accountability for multinational businesses. A Senate version of the bill was introduced by Senator Carl Levin on July 12 and was cosponsored by Senators Bill Nelson, Sanders, Shaheen, and Whitehouse. The legislation is supported by business leaders and public interest groups including Global Financial Integrity.
Claims of Dire Economic Consequences ‘Unfounded;’ U.S. Citizens Already Required to Disclose Information
WASHINGTON, DC – The U.S. Treasury Department is finalizing a regulation (REG-146097-09) that would require that the interest earned on the U.S. bank accounts of non-resident aliens be reported to the Internal Revenue Service (IRS), as is currently required for U.S. citizens. The proposed IRS regulation has been touted as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing. However, a small group of legislators have introduced a bill (H.R. 2568) that would prevent the Treasury from taking such action.
Global Financial Integrity Urges SEC to Issue Final Rule on Cardin-Lugar Provision of Dodd Frank Wall Street Reform Act, as Signed into Law July 2010
WASHINGTON, DC – One year out from passage of the Dodd-Frank Wall Street Reform Act and three months after it was supposed to come into effect, a key anti-corruption and transparency measure—the Cardin-Lugar provision (Section 1504)—is still sitting on the Securities and Exchange Commission’s (SEC) drafting board. The provision to require oil, gas, and mineral companies to disclose payments made to foreign governments is considered an historic move towards shedding light on the operations of a multi-billion dollar industry.
New Legislation would close offshore tax loopholes, increase financial transparency and accountability
WASHINGTON, DC – Senator Carl Levin introduced the “Stop Tax Haven Abuse Act” today, taking aim at offshore tax haven abuses which cost approximately $100 billion in lost tax revenue per year. The bill contains an array of provisions which would permanently close offshore tax loopholes, raise revenue, and increase transparency and accountability for multinational businesses. The bill is cosponsored by Senators Bill Nelson, Sanders, Shaheen, and Whitehouse, and is supported by business leaders and public interest groups including Global Financial Integrity.
Investigative piece sheds light on lax US incorporation practices
CHEYENNE/ATLANTA – An investigative piece published by Reuters today, “A little house of secrets on the Great Plains” looks at the lax incorporation requirements of US states with a focus on Wyoming Corporate Services, “a business-incorporation specialist that establishes firms which can be used as ‘shell’ companies, paper entities able to hide assets.” The “little house” in this case, is a 1,700-square-foot brick house in holds more than 2,000 registered companies.
House Judiciary to Hold Hearing on Changes to Key Anti-Bribery, Corruption Law
WASHINGTON, DC – The House Judiciary Committee will convene a hearing tomorrow to consider whether to amend the Foreign Corrupt Practices Act (FCPA), the nation’s flagship anti-corruption legislation. Among other things, the hearing will specifically consider amendments proposed to the act by the U.S. Chamber Institute for Legal Reform, an affiliate of the U.S. Chamber of Commerce, which FCPA-proponents charge will significantly weaken the anti-corruption legislation and undermine efforts to tackle corruption and illicit financial practices abroad.
