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Global Witness on Panama Papers Impact, Steps Taken by U.S. Government to Address Anonymous Companies, Need For Comprehensive Beneficial Ownership Legislation


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Global Witness on Panama Papers Impact, Steps Taken by U.S. Government to Address Anonymous Companies, Need For Comprehensive Beneficial Ownership Legislation

WASHINGTON - The Panama Papers exposed the dark world of tax havens, anonymous shell companies,and the various facilitators – attorneys, incorporation agents, and others – who love them. Yesterday, The Treasury Department finalized a long-awaited rule requiring greater due diligence requirements by banks. Treasury announced a plan for new draft legislation specifically to increase transparency of the ultimate owners of American companies and to strengthen the U.S. anti-money laundering framework.

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