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World’s Largest Banks Support Reforms to End Anonymous Companies

The Clearing House Association—representing the world’s largest commercial banks—sent a letter to Congressional lawmakers supporting strong measures to crack down on the abuse of anonymous companies.  The group, which counts among its owners Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, explicitly endorses the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450, S.2489). (Via the FACT Coalition)

Fair Share has been working to close loopholes that allow anonymous companies.

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Anonymity Overdose - How our opioid crisis and shell companies are linked

Aug. 1, 2016 -- Opioid deaths now exceed those from motor vehicle accidents. It's clear we need to do more. Fair Share Education Fund's latest report, “Anonymity Overdose,” connects opioid trafficking and the subsequent crisis with the activities of anonymous shell companies – companies formed with no way of knowing who is actually in charge. Because they shield the owners from accountability, anonymous shell companies are a common tool for disguising criminal activity and laundering money, and are also at heart of the Panama Papers.

“Anonymity Overdose” found 10 case studies that show the

Obama administration takes step to curb offshore tax dodging

On Wednesday June 29, the Obama administration's Department of Treasury issued new rules which require large U.S. multinational companies to report profits and taxes on a country-by-country basis.

This is meaningful progress in Fair Share's ongoing work to end offshore tax dodging.

These new rules mean that the IRS will collect and exchange tax information on a country-by-country basis, and will show them tax multinationals paid overseas (for companies making more than $850 million per yer). The more interesting aspect of course, are the taxes they didn't pay.

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Panama Papers and the Need for Tax Haven Reform

In the Panama Papers, the unprecedented release of 11 million documents from a law firm in Panama, we see in great detail how the secret accounts of the global elite launder money and hide corruption.

After initial coverage focused on international figures like Vladimir Putin and Lionel Messi and their connections to secretive accounts, a June 5 New York Times article shed yet more light on how individual U.S. citizens are among those hiding their millions abroad.

The Times showed that over the past decade, the now famous Mossack Fonseca had at least 2,400 U.S.

Pfizer Inversion Stalled By Treasury Action

Pfizer, the giant drug company, was on the verge of finishing a move that would allow it to dodge some $35 billion in taxes, known as an "inversion" ... but the U.S. Treasury issued a new rule which caused Pfizer to cancel its planned inversion merger.

After Fair Share, in coalition with groups across the country, called for new Treasury action, they responded this week by issuing the new rule. Fair Share members sent in thousands of comments in support, and Americans for Tax Fairness, a coalition of groups working to make the tax code more fair, together reached more than 120,000 comments.

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