The United States wants to force anonymous shell-company owners to disclose their personal information, a result of the Panama Papers leak. Jack Lew, the U.S. Treasury Secretary, announced the plan to the International Monetary Fund on Saturday, April 16.
“Tax evasion and tax avoidance hurt government budgets, reduce the equity of our tax systems, and hinder global growth,” said Lew.
These companies are commonly thought to be in world-renowned tax havens, but they also exist among the economies of the Unites States where foreigners frequently conceal and launder money.
Financial institutions will name anonymous company owners to help expose those who may be evading tax or conducting other illegal actions. The Treasury also plans to require single-owned limited-liability companies to identify their beneficial owners.
This information will be passed on to the IRS and submitted into an international database built to share information between tax organizations and other governmental authorities.