"Nota Bene" means "note this well" or "take particular notice." We at the O'Quinn Law Library will be posting tips on legal research techniques and resources, developments in the world of legal information, happenings at the Law Library, and legal news reports that deserve your particular attention. We look forward to sharing our thoughts and findings and to hearing from you.
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-Spencer L. Simons, former Director, O'Quinn Law Library and Associate Professor of Law
Saturday, May 7, 2016
New Rules Target Financial Crime
Following concerns about tax avoidance raised by last month's leaking of thePanama Papers, the United States Department of the Treasury has announced several new regulations aimed at stopping money laundering and tax evasion.
The new rules will require financial institutions to identify the owners of companies opening accounts and doing business with them, and to report their identities to the federal government. Any owner of 25% or more of a company will be considered an owner under these rules. Financial institutions will have two years to implement this rule by identifying the relevant owners.
The Treasury Department is also considering a rule that would require limited liability companies incorporated in the US but owned by foreign entities to identify their foreign owners.