NEW STUDY: ANONYMOUS COMPANIES FUEL ILLICIT TRADE IN COUNTERFEIT AND PIRATED GOODS IN US

The FACT Coalition on 6th May reported that the formation and use of anonymous companies undermine the economic and financial interests of US companies and markets according to a new report published by the Financial Accountability and Corporate Transparency (FACT) Coalition and authored by the former Chair of the OECD Task Force on Countering Illicit Trade.  It found that criminals and counterfeiters are expanding their market share with fake products in storefront and on-line markets, contributing to a growing global illegal economy valued at between $500 billion and $3 trillion.  The report recommends that policymakers enact legislation to end the incorporation of anonymous shell companies in the US by requiring the collection of “beneficial ownership” information — the natural person who controls the entity and has an entitlement to the funds — at the point of corporate formation.

https://thefactcoalition.org/new-study-anonymous-companies-fuel-illicit-trade-in-counterfeit-and-pirated-goods?utm_medium=press/news-releases

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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