Take Action to Support Financial Transparency
Each year, the developing world loses an estimated one trillion dollars to crime, tax evasion, and corruption. Anonymous or “shell” companies are a major part of the problem as these corporations often only exist on paper and are not required to disclose their true owner. Owners set up these companies using front people (such as a lawyer) while keeping their identity hidden. These corporations can then be used to evade taxes in developing countries and anonymously funnel money for crime, terrorism, trafficking, weapons trade or other illegal activities.
Congress has recently introduced legislation that would expose these shell corporations and shed a light on their illegal activity. The “Corporate Transparency Act of 2019 (H.R.2513/S.1978)” is a bipartisan bill that would require corporations and limited liability companies (LLCs) to disclose their true ownership to law enforcement and financial institutions. Passing this bill would make financing criminal activity more difficult and end a practice that steals resources and wealth from communities around the globe.
In the Bible, we see Jesus turning over the tables of the money changers for misuse of the temple and practices that stole from the poor. Today, we are called likewise to upend unjust practices that exploit the poor and instead work toward a world and an economy that benefits the common good. Call on Congress today to pass the Corporate Transparency Act of 2019.
Take action and tell legislators to pass the Corporate Transparency Act!