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The US government is to combat money laundering, tax evasion and corruption by making it harder for businesses to disguise their finances and keep their owners’ identities secret

10 May 2016

Among the changes, a rule is being introduced to force financial institutions to verify and keep records on the true identity of company owners that they do business with.

The Treasury and Justice Departments have also proposed new legislation that officials say would increase transparency and provide law enforcement with better tools to pursue money-laundering and corruption cases.

The Justice Department has called for government lawyers to be allowed to issue administrative subpoenas in money laundering investigations to help investigators gain swifter access to financial records and improve access to foreign bank and business records.


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