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Saturday, May 7, 2016

New Rules Target Financial Crime


Following concerns about tax avoidance raised by last month's leaking of the Panama 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.

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