# Is a new global standard in sight? URL: https://www.transparency.org/en/blog/new-global-standard-corporate-transparency-beneficial-ownership Type: Blog Published: 2021-01-08 Updated: 2022-10-01 --- The week in corruption, 8 January 2021 ![](https://images.transparencycdn.org/images/20210108-TWIC-Is-a-new-global-standard-in-sight-beneficial-ownership-transparency.jpg?auto=compress&fit=crop&fm=webp&w=2048&h=1152) Photo: [Thomas Hawk](https://www.flickr.com/photos/thomashawk/ "Go to Thomas Hawk's photostream") on Flickr Posted on: 8 January 2021 ![Transparency International logo](https://images.transparencycdn.org/images/TI-logo_Medium.png?auto=compress&fit=crop&fm=webp&w=1200) Transparency Int'l One week into the new year, a lot has happened on Capitol Hill. Before this week's siege of the US Capitol by pro-Trump extremists – an assault on democracy incited by the President himself – the country’s legislators had achieved the most significant anti-corruption reform in a generation. On 1 January, the US Congress [passed the historic Corporate Transparency Act into law](https://us.transparency.org/news/historic-anti-corruption-measures-become-law), effectively banning anonymous shell companies in the country. The bill’s passage – which Transparency International’s US office helped to craft – marks the culmination of [over a decade of civil society campaigning and coalition-building](https://thefactcoalition.org/landmark-bill-ending-anonymous-u-s-companies-is-enacted/). This momentous win should pave the way for a new global standard on beneficial ownership transparency. We are inviting **businesses, academia, civil society** and other stakeholders to take a stand and help make anonymous companies a thing of the past everywhere by joining our call for **public access to beneficial ownership information**. Transparency in company ownership for the common good [Appeal to UNGASS 2021](https://www.transparency.org/en/ungass-2021-commit-to-transparency-in-company-ownership-for-the-common-good "Appeal to UNGASS 2021") The letter – currently supported by over 200 signatories – will contribute to the preparatory process of the first-ever [UN General Assembly Special Session against Corruption](https://www.transparency.org/en/news/international-anti-corruption-day-2020-things-can-really-get-better-next-year-ungass-2021), UNGASS, scheduled for June. And when country delegates gather in New York in six months for UNGASS 2021, the US government will be led by a new president. Cracking down on global corruption and illicit finance were among the incoming president Joe Biden’s [early election promises](https://foreignpolicy.com/2020/12/03/biden-kleptocrats-dirty-money-illicit-finance-crackdown/). In particular, he [pledged to lead international efforts](https://www.foreignaffairs.com/articles/united-states/2020-01-23/why-america-must-lead-again) to bring transparency to the global financial system. This could not be timelier. > The US is now catching up with our allies in the European Union and elsewhere, and can help champion transparency as a critical global standard. **Gary Kalman** Director of Transparency International’s US office [Post this](https://twitter.com/intent/tweet?text=The%20US%20is%20now%20catching%20up%20with%20our%20allies%20in%20the%20European%20Union%20and%20elsewhere,%20and%20can%20help%20champion%20transparency%20as%20a%20critical%20global%20standard.&url=https://www.transparency.org/en/blog/new-global-standard-corporate-transparency-beneficial-ownership%3Futm_source%3Dtwitter%26utm_medium%3Dsocial%26utm_campaign%3Dshare-button) The US has been one of the easiest places to set up anonymous companies – legal vehicles routinely abused for corruption, money laundering, terrorism and other grave crimes. That's about to change. But until we have a [new global standard](https://www.transparency.org/en/press/international-anti-corruption-day-2020-leading-economists-trade-unions-diverse-civil-society-groups-call-on-un-general-assembly-to-end-anonymous-companies), criminal and corrupt actors will find other jurisdictions where they can hide behind companies that exist only on paper. This is a copy of our weekly newsletter. Would you like to stay on top of anti-corruption developments? Subscribe to our updates. - [Subscribe](https://www.transparency.org/en/newsletter-signup "Subscribe") ## Priorities - [Dirty money](https://www.transparency.org/en/our-priorities/dirty-money) ## Countries - [United States](https://www.transparency.org/en/countries/united-states) ## Projects - [Global Anti-Corruption Consortium](https://www.transparency.org/en/projects/global-anti-corruption-consortium) ## Pages - [UNGASS 2021: Commit to transparency in company ownership for the common good](https://www.transparency.org/en/ungass-2021-commit-to-transparency-in-company-ownership-for-the-common-good) For any press inquiries please contact