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Post ‘Panama Papers,’ Treasury sets rulemaking agenda

Joe Mont | May 6, 2016

In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a renewed focus on issues related to shell companies and beneficial ownership. On Friday morning, making good on that promise, the agency announced actions intended “to strengthen financial transparency and combat the misuse of companies to engage in illicit activities.”

Among those steps: the announcement of a customer due diligence final rule; proposed beneficial ownership legislation; and proposed regulations related to foreign-owned, single-member limited liability companies. 

Treasury Secretary Jacob Lew highlighted these efforts...

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