Levin Bill Would Require Banks to Block Transactions from Institutions that Aid Tax Evaders

By Colby Adams

U.S. banks could be required to deny credit card transactions from foreign financial institutions linked to tax evaders under a measure introduced Tuesday by the chairman of the Senate Permanent Subcommittee on Investigations. The planned sanction, included as part of the latest iteration of the Stop Tax Haven Abuse Act, would be added to penalty powers proposed for the U.S. Treasury Department in past versions of the measure. With the exception of the credit card-related prohibition, the powers would mirror those granted to the department when it designates a foreign bank a "primary money laundering concern" under the U.S. Patriot...