Barack Obama is launching a crackdown on international tax evasion in response to recent disclosures in the Panama Papers revealing the scale of offshore financial activity.
In a series of initiatives announced by the White House on Thursday night, the president will take executive action to close loopholes used by foreigners in the US and call on Congress to pass legislation.
Though the later steps may hit political obstacles in an election year, the package of measures are among the most comprehensive responses yet to the Panama Papers revelations, disclosed by a consortium of international journalists including the Guardian.
- immediate executive action to combat money laundering, terrorist financing, and tax evasion with tighter transparency rules
- new Treasury rules closing a loophole allowing foreigners to hide financial activity behind anonymous entities in the US.
- stricter “customer due diligence” rules for banks handling money on behalf of clients
More than a year has passed since that moment.
Question: Did US make any significant fiscal changes following Panama Papers disclosures?