A legislative proposal that would empower the IRS to assign Employee Identification Numbers to all American corporations is drawing congressional support, U.S. officials said Tuesday. The 2014 White House plan would grant federal law enforcement agencies access to data on the owners of corporations formed in any state provided that the information is related to international investigations of money laundering and terrorist financing. The proposal would also extend anti-money laundering and counterterrorism financing obligations to corporate formation agents. Sen. Sheldon Whitehouse (D-RI) will introduce the measure in the Senate Judiciary Committee "in the weeks ahead," according to a congressional staffer,...
The Internal Revenue Service must improve communication with financial institutions to detect and prevent criminals from using stolen social security and tax identification numbers to claim a tax refund, according to U.S. officials.
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.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
The Wolfsberg Group and Clearing House Association called for banking cooperative Society for Worldwide Interbank Financial Telecommuncation to change the payment instructions it handles to "promote the effectiveness of global anti-money laundering and anti-terrorist financing programs."