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"In the wake of the public firestorm sparked by the Panama Papers scandal, the Obama administration unveiled a series of new proposals today that would crack down on offshore secrecy and illicit financial transactions.
In a news conference this afternoon, administration officials announced that the U.S. Treasury Department would send proposed legislation to Congress that would require companies set up in the United States to report their real owners to the agency’s Financial Crimes Enforcement Network. This would for the first time create a national registry that could be used by law enforcement authorities to ferret out the real people behind anonymous companies used in money laundering and other wrongdoing.
The proposal acknowledges the reality that the U.S. itself is a key player in the system of offshore secrecy, through such states as Delaware, Nevada and Wyoming that allow the creation of shell companies that hide their owners’ identities and activities"
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