President Barack Obama is attempting to crack-down against those who are using offshore accounts to evade paying taxes. On Friday his administration issued the Customer Due Dilligece rule, which has been in the works since 2012, and proposed legislation meant to prevent people from using shell companies to evade taxes, launder money, and finance terror.
“These actions are going to make a difference,” Obama stated to reporters. He said they would help the administration do a better job of tracking financial flows and make sure companies are paying the taxes they rightly owe.
Obama also called on Congress to pass legislation that requires all companies formed in the United States to report information to the financial crimes enforcement network at the Treasury Department.