Obama Intensifies Push for More Onshore Ownership Disclosure
- Treasury finalizes rule after massive Panama document leak
- Congress urged to act on ownership, subpoena legislation
President Barack Obama attends a celebration of the 5th anniversary of Joining Forces and the 75th anniversary of the USO at Andrews Air Force Base in Maryland on May 5, 2016.
Photographer: SAUL LOEB/AFP/Getty ImagesThis article is for subscribers only.
President Barack Obama renewed his push to make it harder for people to hide money in the U.S., jumping on momentum created by the release of leaked Panama legal documents to pressure Congress on proposals that have been languishing for years.
The government will send proposed legislation to lawmakers that would require companies to name the owners of any new entities they create and would expand the Justice Department’s power to subpoena information in some corruption cases.