Competing U.S. proposals that would require companies to disclose their beneficial owners have gained unprecedented momentum in recent months, with no signs of a consolidated measure in sight.
A pair of New York federal lawmakers Wednesday will reintroduce legislation designed to eliminate the purported ease with which U.S. corporate entities can be used to launder illicit proceeds.
Despite an ongoing push for greater financial transparency, few EU nations have signaled a willingness to require corporations and trusts to identify their owners, a nongovernmental group said in a report.
The Obama administration is pushing lawmakers to introduce legislation that would require corporations to obtain tax identification data that could be turned over to investigators.
Company formation agents would be required to implement anti-money laundering programs to better vet their clients under a broad measure introduced Tuesday by two influential U.S. lawmakers.
The authors of the Stop Tax Haven Abuse Act are trying to charge FinCEN with duties the agency has shown no appetite for, according to guest writer Bruce Zagaris of Berliner Corcoran and Rowe, LLP.
The Senate bill would authorize financial sanctions on designated tax havens.
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