advertisement
advertisement
advertisement
  • 05.06.16

Panama Papers gets results: Obama set to crack down on offshore tax havens

A little over a month after an anonymous whistleblower leaked 11.5 million documents pertaining to offshore tax evasion, President Obama announced an executive action to overhaul the transparency and disclosure requirements surrounding the use of “anonymous, offshore shell companies and other entities in order to hide their business and assets from authorities,” according to a White House statement.

The executive action will target offshore banking tactics used by American companies, organizations, and individuals that help them avoid detection when participating in money laundering, the funding of terrorism, and tax evasion by way of offshore havens.DH