Washington DC - The House of Representatives is holding hearings on legislative initiatives to deter corruption and secrecy in the global financial system. The Financial Services Subcommittee on National Security, International Development and Monetary Policy convenes a March 13th hearing on "Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime."
The Congressional Hearing explores the role that shell corporations play in hiding the true owner or actual person who benefits from a business.
"Some anonymous shell companies facilitate the theft of development aid and debt relief, the exploitation of vulnerable communities and the support of corrupt regimes in the developing world," wrote Jubilee USA Director Eric LeCompte in a letter to Congress ahead of the hearing. The letter from the head of the religious development group continues, "Shell companies contribute to an estimated one trillion dollars leaving the developing world annually through tax evasion and corruption. In the United States, anonymous shell companies contribute to Medicare fraud, thefts from vulnerable communities and human trafficking."
The House Committee is reviewing a discussion draft of the "Corporate Transparency Act of 2019," which makes the real identity of the owner of a shell company available to law enforcement and financial institutions.
Additional legislative solutions are under review during the House Hearing. The hearing docket examines draft legislation on hidden illegal monies and a Bill introduced in January to expose foreign corruption, the "Kleptocracy Asset Recovery Rewards Act."
"In the US and around the world, poor people are too often exploited by financial secrecy," stated LeCompte. "Action by Congress can increase global transparency and provide resources for development."
Read Jubilee USA's full letter to Congress on the hearing, “Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime"
Visit the House Financial Services Committee to watch and review information on the hearing
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Jubilee USA Network is an alliance of more than 75 US organizations, 700 faith communities and 50 Jubilee global partners. Jubilee is building an economy that serves, protects and promotes participation of the most vulnerable. Jubilee has won critical global financial reforms and more than $130 billion in debt relief for the world's poorest people.
Our efforts build the political support needed to influence world-wide decision makers, the White House, Congress, the G20, International Financial Institutions and the United Nations to promote poverty reduction and move solutions to the international debt crisis. Ultimately, we work to create an international financial system that protects and ensures participation of the most vulnerable within the context of human rights. Our advocacy promotes responsible lending and borrowing, increasing debt relief for poor countries, curbing illicit financial flows and corporate tax avoidance, moving forward an international debt resolution process, pushing reforms in international financial institutions and protecting poor people from predatory financial behavior.
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Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 700 faith groups working across the United States and around the globe.
We address the structural causes of poverty and inequality in our communities and countries around the world. We focus on the following structural issues:
Debt and Lending
Tax, Transparency, Accountability and Corruption
Consumer Financial Protections
Preventing Financial Crisis and Austerity
Congressional Quarterly cites our work as one of the last bipartisan efforts left in Washington. We are Christians, Jews, Muslims and other faith traditions working to build an economy that serves, protects and promotes the participation of the most vulnerable.
Jubilee USA Network is a tax-exempt non-profit organization under section 501(c) 3 of the U.S. tax code. Your gift is deductible to the full extent of the law.