WASHINGTON — The ONE Campaign applauded Congressional approval of the passage of the National Defense Authorization Act, which contains important language that will increase transparency and fight corruption and poverty by strengthening federal anti-money laundering laws and requiring companies to disclose their actual beneficial owners. The ONE Campaign has estimated that at least $1 trillion is being taken out of developing countries each year through a web of corrupt activity that involves shady deals, money laundering and tax evasion, oftentimes through the use of anonymous shell companies.
Joe Kraus, policy director at The ONE Campaign:
“Anonymous shell companies allow criminals to steal billions of dollars from the world’s poorest countries, trapping people in a vicious cycle of poverty. For far too long the United States has been a safe haven for the criminal and corrupt. This provision will increase the transparency of company ownership, provide law enforcement agencies with the tools they need to help protect US financial interests and crack down on corrupt activity, and will aid in the global fight against poverty.
“This is a pivotal step forward in the global fight against corruption. ONE thanks House and Senate leadership, and the members of the Senate Banking Committee and House Financial Services Committee, for their leadership on this bill and commitment to transparency.”