Washington, DC – Today, Senator Sheldon Whitehouse released the following statement on efforts announced by President Obama to promote financial transparency and clamp down on tax evasion and other criminal activities:
“The Panama Papers show the United States has become a top destination for criminals looking to hide illicit assets and dodge taxes. I’m glad to see the Obama Administration begin to give law enforcement access to the real owners of shell corporations. As the Senate sponsor of the Incorporation Transparency and Law Enforcement Assistance Act, I look forward to working with the Administration to strengthen its transparency proposal to ensure it leaves no loopholes for criminals to exploit.”
Whitehouse has introduced the Incorporation Transparency and Law Enforcement Assistance Act (S. 2489), legislation to require states to keep track of the actual owners of the corporations and limited liability companies formed under state law. This information would be available to law enforcement agencies to investigate and prosecute criminals who use anonymous shell corporations to hide assets.
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