The U.S. Treasury announced on Tuesday that it was opening a consultation period until Feb. 7 on a draft law aimed at combating shell companies’ corruption, money laundering and tax evasion.
The United States Congress passed a law last January requiring U.S. companies to notify their benefit owners to the federal government, which would mean leaving the United States, which would make the law more flexible in this area, for example in states such as the United States. Delaware, home of President Joe Biden. Creating a database to register the proposal “Beneficial Owners” The Treasury said Tuesday that all businesses and multiple trusts, i.e. anyone who owns 25% of a business, can make decisions for the business.
“This is a key step in closing the corporate transparency gap that allows corruption to thrive.”U.S. Treasury Secretary Janet Yellen said in a statement. New Terms “It will help put an end to loopholes in the security of the United States, strengthen economic justice and safeguard the integrity of our financial system.”, She added.
Risk of tax havens
The announcement comes ahead of International Anti-Corruption Day on Thursday as the Biden administration has identified its intention to address these issues and is set to announce a series of sanctions this week. However, treasury officials did not provide a timeline for when the law would be implemented.
When asked about the risk that U.S. state governments could create their own tax havens, Treasury officials said they were gathering information on how different states treat shell companies. A Congressional subcommittee on U.S. tax havens is due to hold a hearing on Wednesday following the Pandora documents of the International Federation of Investigative Journalists (ICIJ)’s investigation into money laundering and tax evasion.