New tax proposal touted
WASHINGTON — New financial regulations would force companies to disclose more information about their owners, as part of a crackdown on tax evaders and money launderers, the Obama administration announced on Friday.
President Barack Obama touted the proposals on Friday, as he urged Congress to pass legislation that he said would further enhance transparency in the U.S. banking system and help law enforcement track down secret owners. The president linked the push to the disclosures in the “Panama Papers,” the leaked documents that revealed how many wealthy individuals and government officials from around the globe use shell companies to hide assets and avoid paying taxes.
“We’ve seen just how big a problem corruption and tax evasion have become around the globe,” Obama said Friday at the White House, as he promised to continue an effort “to make sure that the rules aren’t rigged and our economy works for everybody.”
The president spoke a day after the Treasury Department announced two new measures aimed at forcing companies to better track and disclose ownership to the IRS.
One, the so-called customer due diligence rule, was finalized Thursday after four years’ consideration. The rule dictates how banks keep records on who owns the companies that use their services.
