WASHINGTON (AP) — The Obama administration is announcing a set of new financial regulations aimed at forcing companies to disclose more information about their owners to the IRS.
A rule finalized Thursday will require banks to keep more detailed records on who owns companies that use their services. Another proposed rule would close a loophole that allows some foreign-owned companies to avoid reporting to the IRS.
Treasury Department officials announced the regulations Thursday as part of a package of financial proposals. They say the goal is to help crack down on money laundering and tax evasion, and choke off terrorist financial networks.
The administration also is submitting legislation to Congress that would require companies to disclosure their owners. Treasury Secretary Jacob Lew is urging senators to ratify a series of tax treaties.
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