Corruption

White House acts to end secret U.S. companies and hidden foreign ownership

The Obama Administration Thursday announced a series of actions to end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in this country.

The White House said the Panama Papers -- more than ten million leaked documents from the Mossack Fonseca law firm -- "revealed the use of anonymous offshore shell companies" and put the "issues of illicit financial activity and tax evasion in the spotlight."

Transparency International-USA has led calls to end the use of anonymous corporations in the United States.

"Secret companies allow corruption to flourish," Shruti Shah said last month. She's a contributing editor of the FCPA Blog and the Vice President of Programs and Operations at TI-USA.