Panama Papers Fallout: US Treasury Plans Rules Aimed At Tax-Evading Shell Companies

The U.S. Treasury department is preparing new rules to counter the use of shell companies to evade taxes, U.S. Treasury Secretary Jack Lew said Saturday. Lew made the statement to the International Monetary Fund’s (IMF) steering committee amid increased scrutiny by global watchdogs in the wake of the Panama Papers leak.

The U.S. Treasury is close to releasing a rule that would require banks to identify if any of the beneficial owners of new customers are companies, Lew said.

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