Panama Papers : US launches crackdown on international tax evasion | News

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  • Panama Papers: US launches crackdown on international tax evasion | News | The Guardian
    http://www.theguardian.com/news/2016/may/06/panama-papers-us-launches-crackdown-on-international-tax-evasion

    Barack Obama is launching a crackdown on international tax evasion in response to recent disclosures in the Panama Papers revealing the scale of offshore financial activity.

    In a series of initiatives announced by the White House on Thursday night, the president will take executive action to close loopholes used by foreigners in the US and call on Congress to pass legislation.
    […]
    There is no doubt that the problem of global tax avoidance generally is a huge problem,” Obama told reporters in an unscheduled appearance last month. “The problem is that a lot of this stuff is legal, not illegal.

    The initial package of measures outlined by the White House this week may not go as far as some campaigners wish, but focus largely on increasing transparency regulations as a tool to flush further offshore tax abuses into the open.

    These include:
    • immediate executive action to combat money laundering, terrorist financing, and tax evasion with tighter transparency rules
    • new treasury rules closing a loophole allowing foreigners to hide financial activity behind anonymous entities in the US
    • stricter “customer due diligence” rules for banks handling money of behalf of clients