Posted on April 20, 2016
#PanamaPapers: How CREDO is fighting back against secretive “shell” corporations
The secret world of tax evasion by the world’s super-rich elite was recently blown wide open with an explosive media leak being called the “Panama Papers.”
More than 11 million documents from the secretive Panamanian law firm Mossack Fonseca were leaked to an international journalist consortium. More than 140 world leaders, public officials, and major celebrities have been implicated already, with more names expected soon. The documents, spanning almost 30 years, expose how the world’s elite use fake corporations called “shell companies” to launder money, evade sanctions, hide wealth, and dodge taxes.
With two recent campaigns, CREDO activists are fighting back against tax evasion and criminal activity by secretive anonymous “shell” corporations.
Fighting to end anonymous shell corporations in the United States: It is easy to think that the problem is limited to offshore tax havens in places like Panama. But what most don’t know is that the United States itself is one of the easiest and most popular places to set up anonymous companies. Legislation in Congress would crack down on tax evasion and criminal activity by forcing American corporations to disclose their true owners. We’re are teaming up with our friends at Global Witness to seize this moment and demand an end to anonymous shell corporations in the United States. Sign the petition: Pass the Incorporation Transparency and Law Enforcement Assistance Act.
Demanding an investigation into U.S. links in the Panama Papers: While U.S. government officials insist they are aware of the Panama Papers, there is little indication they are taking action. But now, Sen. Elizabeth Warren and Sen. Sherrod Brown are demanding that the Treasury Department investigate U.S. links in the Panama Papers, and we need to stand with them. Tell the Treasury Department: Investigate U.S. links in the Panama Papers.
The Panama Papers could be one of the biggest international political stories of the year. This is a crucial moment to crack down on tax evasion and nefarious schemes made possible by corporate secrecy.