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For Immediate Release
September, 08 2016, 10:45am EDT
Contact:
Clark Gascoigne,Phone: (202) 813-0290,Email:,cgascoigne@thefactcoalition.org
Report Highlights Investor Risks from Anonymous Shell Companies
FACT Coalition Statement on New Global Witness and Global Financial Integrity Briefing
WASHINGTON
A new report released today by Global Financial Integrity (GFI) and Global Witness emphasizes the importance to investors of knowing who owns and controls the companies with which they invest and with whom those companies do business. Titled "Chancing It: How Secret Company Ownership Is a Risk to Investors," the briefing highlights a number of financial and non-financial risks posed to companies and investors from anonymously-owned companies, and is published as global investors managing over $740 billion in assets released a letter calling on the U.S. government to adopt meaningful incorporation transparency legislation.
Both GFI and Global Witness are members of the Financial Accountability and Corporate Transparency (FACT) Coalition.
Clark Gascoigne, the deputy director of the FACT Coalition, made the following statement:
"This report does an excellent job highlighting the important role that corporate ownership transparency can play in reducing risks to companies and shareholders. Companies that contract with anonymous entities can expose themselves to serious fraud, risk enormous reputational damage, and jeopardize shareholder value. Beyond helping law enforcement catch criminals and terrorists, ensuring that the true owners of companies are disclosed at the time of incorporation and kept up-to-date has enormous potential to assist companies and investors in vetting potential risks before it's too late."
The full report can be found here.
The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.
(202) 827-6401LATEST NEWS
Amnesty Says Pakistan Must 'Immediately Rescind' Shoot-on-Sight Order Against Protesters
Jailed former Prime Minister Imran Khan commended "the Pakistani nation and PTI's political workers, who are fighting for their rights by participating in this peaceful protest."
Nov 26, 2024
Amnesty International on Tuesday joined people around the world in pressuring the Pakistani government to revoke the "shoot-on-site" orders given to troops responding to tens of thousands of protesters in Islamabad who are demanding the release of jailed former Prime Minister Imran Khan.
Khan has been behind bars for over a year due to various charges that he and his allies argue are politically motivated. So far, at least six people, including four paramilitary soldiers, have been killed and dozens more injured as supporters of the 72-year-old and his political party Pakistan Tehreek-e-Insaf (PTI), led by his wife Bushra Bibi, have converged on the country's capital in recent days.
In addition to Khan's release, the protesters "seek the resignation of the current government over what they call
rigged general elections this year," Reutersreported Tuesday. "Prime Minister Shehbaz Sharif's government has given no indication yet of bending to the demands. Authorities have used shipping containers to block major roads and streets in Islamabad, with police and paramilitary patrolling in riot gear."
NDTVexplained that "when the Pakistan Army stepped in, it issued 'shoot-at-sight' orders under Section 245—which is a clause meant for the armed forces 'to defend Pakistan against external aggression or threat of war.' The clause also gives the army an open hand as it nullifies any judicial intervention or future proceedings."
"Any use of force must be lawful and no more than is necessary and proportionate and the authorities must take all necessary measures to prevent arbitrary deprivation of life."
Responding to the developments on Tuesday, Amnesty's South Asia office said that "the government must fully protect and ensure the rights of protesters and immediately rescind the 'shoot-on-sight' orders that provide undue and excessive powers to the military... The authorities must exercise maximum restraint, aiming to prevent and de-escalate violence and to avoid the use of force. Any use of force must be lawful and no more than is necessary and proportionate and the authorities must take all necessary measures to prevent arbitrary deprivation of life, including by ensuring that law enforcement actions are adequately planned to minimize the risk to life."
"There must also be effective accountability for any unlawful use of force," Amnesty continued. "The severe restrictions on assembly, movement, and mobile and internet services as well as arbitrary detentions of thousands of protesters across Pakistan, particularly in Islamabad, are a grave violation of the rights to freedom of peaceful assembly, movement, and expression. As protesters enter the capital, law enforcement officials have used unlawful and excessive force including tear gas, live ammunition, and rubber bullets against PTI protesters."
"Even if protests become nonpeaceful, the authorities must respect and ensure the protesters' rights to life and freedom from torture and other ill-treatment," the group added. "The Pakistani authorities have obligations under international human rights law to provide an enabling environment for the protesters. Amnesty International urges the government to ensure that the right to freedom of peaceful assembly is respected and protected. Those detained solely for exercising their right to peaceful assembly must be released immediately."
Pakistani poet and journalist Ahmed Farhad has used social media to share protest updates in Urdu, but also posted a message in English on Tuesday: "I don't know if I'll be alive or free to report further. I've been riding on bike for several kilometers to share these updates. I request international and national media to show the situation at D-Chowk. People are being shot at with heartless brutality. I don't know how many more people have been injured or killed by the time this post reaches you."
D-Chowk, a popular square in the capital near multiple government buildings, was "the final destination of PTI's main convoy," according toDawn. As midnight neared in Pakistan Tuesday night, the newspaper reported that "rangers have regained control of Islamabad's D-Chowk after beginning arrests and pushing back PTI protesters from the venue of the party's much-touted power show."
Meanwhile, Khan on Tuesday
issued a new statement from Adiala Jail in Rawalpindi, commending "the Pakistani nation and PTI's political workers, who are fighting for their rights by participating in this peaceful protest, and resolutely standing before the mafia that has imposed itself upon our country, to demand their rights and genuine freedom."
"My message for my team is to fight until the last ball is bowled. We will not back down until our demands are met!" he continued, taking aim at the Pakistan's interior minister. "On Mohsin Naqvi's instructions, paramilitary rangers and police relentlessly fired tear gas shells and even shot at our political workers, resulting in the martyrdom of and injuries to peaceful, unarmed citizens. Let me tell you, they will have to answer for this! The protesters were not only peaceful, but they even assisted the very police officers and rangers who were shooting and firing teargas shells at them (when they were in need of help)."
"My thanks go to overseas Pakistanis around the globe, who are not only mobilizing Pakistanis and contributing funds, but also holding historic protests in their respective countries," he said. "Social media warriors around the globe should continue to vigorously reiterate our demands and show the world the ongoing oppression in Pakistan! To those threatening to try me in military court: Do what you must; I will not back down from my stance. Those who haven't yet joined the protest must also head to D-Chowk. All Pakistanis participating in the protest must remain peaceful, stay united, and stand firm until our demands are met. Remember, this is a struggle for Pakistan's survival and true freedom!"
Several solidarity protests were held around the world on Sunday and multiple U.S. political leaders weighed in the past few days.
"The brutal repression of protesters in Pakistan and growing political violence is an attempt to suppress democracy and human rights," U.S. Rep. Rashida Tlaib (D-Mich.) said Tuesday. "I stand with the brave Pakistanis who are rising up and protesting for change."
Congresswoman Barbara Lee (D-Calif.) declared Monday that "freedom of speech and the freedom to peacefully protest are essential to democracy—that holds true in the United States, in Pakistan, and around the globe. I stand with pro-democracy advocates in Pakistan as they fight for justice and human rights."
Rep. Summer Lee (D-Pa.) said Monday that "I am moved by the bravery demonstrated by the Pakistani people as they protest for electoral integrity, and judicial fairness—and I condemn any violent suppression of them exercising their fundamental rights. Everyone deserves to speak out and demand democracy."
In a pair of social media posts on Sunday, Congressman Ro Khanna (D-Calif.)
noted his support for recent letters led by Reps. Greg Casar (D-Texas), Susan Wild (D-Pa.), and John James (R-Mich.) "urging for the release of all political prisoners in Pakistan and for the U.S. to stand up for human rights," and specifically sounded the alarm about communications blackouts.
"Deeply concerned by reports that Asim Munir's regime in Pakistan is cutting internet, blocking roads, and abducting activists this weekend," he
said. "As the congressman for Silicon Valley, I am committed to standing up for freedom of speech including a free internet."
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Maine Becomes Latest State to Sue Oil Giants Over Climate Deception
"With Maine's lawsuit, the demands that Big Oil faces accountability for decades of climate lies are growing louder and more powerful," said Richard Wiles, president of the Center for Climate Integrity.
Nov 26, 2024
Maine on Tuesday joined a group of eight other U.S. states that have sued major oil and gas companies for deceiving the public about their products' role in the climate crisis.
Maine Attorney General Aaron Frey's office announced that he has filed a suit in state court against Exxon, Shell, Chevron, BP, Sunoco, and the American Petroleum Institute.
Frey's suit accuses the companies of knowing about the potentially catastrophic consequences of continued dependence on fossil fuels for decades, thanks to companies' internal research, but that the defendants undertook a disinformation campaign to discredit the scientific consensus on climate change, delay a transition to a green energy economy, and sow doubt in the public's mind about the impact of burning fossil fuels.
"The state seeks to hold the defendants accountable for failing to warn Mainers and concealing their knowledge about the devastating consequences of the increasing use of fossil fuels on Maine's people, economy, and environment. This conduct has resulted in enormous financial burdens, public health impacts, property damage, and other harms across Maine as a result of extreme weather, sea-level rise, and warmer temperatures," according to the release from Frey's office.
"For over half a century, these companies chose to fuel profits instead of following their science to prevent what are now likely irreversible, catastrophic climate effects," Frey said in a statement. "In so doing, they burdened the state and our citizens with the consequences of their greed and deception."
Frey's lawsuit asks the court to require the companies pay for both "past and future climate harms caused by the defendants" and ensure that the companies end their "ongoing deception" in the state. The state is demanding a jury trial and numerous forms of relief, including penalties and disgorgement of profits, according to the release.
Frey is the 11th attorney general (including the District of Columbia and Puerto Rico), to take such a legal move. More than 20 states, tribes, cities and counties have so far pursued similar climate deception lawsuits to date, according the Maine attorney general's office. Earlier this fall, California's attorney general filed a lawsuit against ExxonMobil, alleging that the company falsely touted chemical recycling as a solution to the plastics crisis.
A September report from Oil Change International and Zero Carbon Analytics found that the number of climate cases brought against fossil fuel corporations—many of which center on climate damages, misleading advertising about fossil fuels, or failure to reduce emissions in line with legal agreements—has been ticking upward since the 2015 Paris climate accords.
Richard Wiles, president of the Center for Climate Integrity, whose organization helps communities hold fossil fuel companies accountable, applauded the move.
"Big Oil companies have lied for decades about the catastrophic harm they knew their products would cause, and now Maine has joined a growing wave of communities across the U.S. that are demanding accountability," said Wiles. "These polluters continue to fuel the climate crisis and lie about it to protect their profits. It’s only right that Big Oil companies pay their fair share of the damage their deception has caused. With Maine's lawsuit, the demands that Big Oil faces accountability for decades of climate lies are growing louder and more powerful."
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As US Approves Landmines for Ukraine, Victims Demand 'Mine-Free World' at Global Summit
"Every landmine planted is a child, a civilian, a woman, who is just waiting for their legs to be blown off, for his life to be taken," said one survivor who lost a leg to a landmine in 2005.
Nov 26, 2024
"Look what anti-personnel landmines will do to your people," read a sign displayed by two of the protesters who gathered in Siem Reap, Cambodia this week to confront delegates at a conference on the Anti-Personnel Mine Ban Treaty.
The people holding the sign were among those who took part in the demonstration while using wheelchairs or crutches due to the amputations and serious injuries they have suffered from landmine attacks.
More than 100 people lined a walkway leading to the conference venue on Sunday as the Siem Reap-Angkor Summit on a Mine-Free World opened.
The conference began days after the Biden administration announced a reversal of its own policy and approved a plan to provide anti-personnel landmines to Ukraine—a decision that was condemned by the International Campaign to Ban Landmines (ICBL) and other human rights groups.
As Amnesty International USA advocacy direct Ben Linden said last week, the weapons are "inherently indiscriminate" because they cause explosives to scatter across a wide region, putting people at risk long after conflicts end. The majority of landmine victims are children.
In 2023, at least 5,757 people were killed or maimed by landmines, 84% of whom were civilians. Over one-third were children.
Alex Munyambabazi, who lost a leg to a landmine in 2005 in Uganda, was among those who assembled at the landmines summit.
"We don't want to see any more victims like me, we don't want to see any more suffering," he toldAgence France-Presse (AFP). "Every landmine planted is a child, a civilian, a woman, who is just waiting for their legs to be blown off, for his life to be taken. I am here to say we don't want any more victims. No excuses, no exceptions."
The U.S. and Russia are not signatories to the Convention on the Prohibition of the Use, Stockpiling, Production, and Transfer of Anti-Personnel Mines and on Their Destruction, but Ukraine is. According to U.S. Defense Secretary Lloyd Austin, Ukraine "asked" for anti-personnel landmines.
Tamar Gabelnick, director of ICBL, told AFP that Ukraine's use of U.S.-supplied landmines would signify a "blatant disregard for their obligations under the mine ban treaty."
Ukrainian delegates were present at the Siem Reap conference this week.
In a message delivered to delegates in Siem Reap, United Nations Secretary-General António Guterres acknowledged the "important progress" made by the treaty, "with over 55 million anti-personnel devices destroyed across 13,000 square kilometers in over 60 countries, and thousands of people receiving lifesaving awareness education and victim assistance services."
"I call on states parties to meet their obligations and ensure compliance to the convention, while addressing humanitarian and developmental impacts through financial and technical support," he said. " I also encourage all states that have not yet acceded to the convention to join the 164 that have done so."
"A world without anti-personnel mines is not just possible," Guterres said. "It is within reach."
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