Panama Papers Go Online As Obama Pushes Global Tax Transparency
Source: www.forbes.com
The biggest news is the searchable database of the Panama Papers that is now accessible. We’ll come back to that, but the timing is good. President Obama and his Treasury Department are pushing the Panama Papers, taking executive action on new transparency and tax evasion rules. But in view of limits on executive action, the Obama administration is also asking Congress for help in passing legislation, and asking the Senate to approve a number of pending tax treaties. Treasury Secretary Jack Lew has written this letter asking for legislative help.
The multi-pronged approach comes at an interesting time, as worldwide attention is still focused on the Panama Papers, still said to be the biggest leak of financial data in history. From a law firm in Panama, the data went to Germany’s Suddeutsche Zeitung, then to the International Consortium of Investigative Journalists. The 11 million files are said to implicate Russian president Vladimir Putin’s inner circle, and many others.
You can see for yourself. The massive searchable database went on-line today at The Panama Papers · ICIJ. The massive database is expected to detail ties between some 368,000 people and some 300,000 offshore entities. Meanwhile, President Obama’s actions are targeting financial transparency and combating the misuse–and anonymity–of companies. The several new rules are meant to identify companies that open accounts at financial institutions, earmark company formations, and flag when company ownership is transferred.
Read more: http://www.forbes.com/sites/robertwood/2016/05/09/panama-papers-go-online-as-obama-pushes-global-tax-transparency/#640558ab4296
It's About Time as a $trillion dollars sit offshore by people and companies think if you have enough money the rules don't apply.
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