Panama Papers: U.S. Will Issue Long-Delayed Rule on Shell Companies
Source: Reuters
Panama Papers: U.S. Will Issue Long-Delayed Rule on Shell Companies
By Reuters On 4/6/16 at 9:05 PM
ST. LOUIS (Reuters) - The U.S. Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders, after the "Panama Papers" leak provoked a global uproar over the hiding of wealth via offshore banking devices.
A department spokesman said on Wednesday the rule would "soon" be turned over to the White House for review and issuance, but did not confirm any timetable for the initiative, which has taken years.
Governments around the globe have launched probes into possible financial wrongdoing after 11.5 million documents from the Panamanian law firm Mossack Fonseca, nicknamed the "Panama Papers," were leaked to the media and reports emerged Sunday. Mossak Fonseca has said it was the victim of a computer hack, and that it has consistently acted appropriately.
The papers offer "validation for those who have been screaming for a decade" about the need for financial institutions in the United States and elsewhere to address risks of money laundering, terror finance and other crime by identifying people who clandestinely control legal entities, former Treasury official Chip Poncy told Reuters.
Read more: http://www.newsweek.com/panama-papers-united-states-treasury-department-mossack-fonseca-rule-banks-444799?piano_t=1
ladjf
(17,320 posts)PSPS
(13,599 posts)cstanleytech
(26,291 posts)Last edited Wed Apr 6, 2016, 11:33 PM - Edit history (1)
experience that if the opposing party has control of Congress.
elmac
(4,642 posts)plus they will just find another loophole to crawl through
cstanleytech
(26,291 posts)Will these new rules be enough? Probably not and that sucks.
scottie55
(1,400 posts)Or prosecuted for tax evasion.
All that bribe, drug, and scammer money and it's owners will be just dandy.
You and me? We would all be stuck in prison for the same crap.
Isn't being filthy rich great!