• Whistleblower of the Week
Subscribe to Newsletter
No Result
View All Result
Whistleblower Network News
  • Government
  • Legislation
  • False Claims
  • Corporate
    • Dodd-Frank
    • IRS & Tax
    • SEC
    • Sarbanes-Oxley
  • OSHA
  • Environment
  • Opinion
  • Editorial
Whistleblower Network News
No Result
View All Result
Home Editorial

Obama Administration Proposes Oversight Reform in Response to Panama Papers

Michael KohnbyMichael Kohn
May 9, 2016
in Editorial
Reading Time: 2min read
0
Obama Administration Proposes Oversight Reform in Response to Panama Papers
Share on TwitterShare on FacebookShare on LinkedInEmail

In response to the Panama Papers — the more than ten million leaked documents from the Panamanian law firm, Mossack Fonseca, that exposed illicit financial activity and tax evasion through the use of anonymous offshore shell companies — the White House announced on May 6th that it would end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in the United States.

The White House announced that it plans to:

  • Issue the Treasury Department’s final rule to require financial institutions to obtain and verify the identity of beneficial owners of a company, including individuals who control or own more than 25 percent.
  • Support a bill to require U.S.-formed companies to disclose the beneficial owners at the time of formation or ownership transfer.
  • Require single-member limited liability companies and other foreign-owned U.S. entities to obtain a tax identification number and share ownership and transaction data with the Internal Revenue Service.
  • Expand jurisdiction of prosecutors to pursue money launderers for acts committed in other countries.
  • Allow use of high-speed administrative subpoenas in money-laundering cases rather than grand jury subpoenas.
  • Increase access to U.S. bank records located abroad and expand admissibility rules for the records.

According to the White House, “these efforts are critical to preventing criminals from using the global financial system to launder proceeds from corruption or other illegal activities, finance criminal activity or even terrorism, evade international sanctions regimes, or evade taxes.”

“The United States remains the world leader in the fight against dirty-money from drug traffickers, terrorists, and corrupt politicians only because we have laws that work in the real world, said Michael Kohn, President of the National Whistleblower Center, adding that “the trick to our success are laws that grant whistleblower confidentiality and offer rewards to the whistleblowers who provide information that expose fraudulent transactions.”

Protect Yourself: Purchase the New Whistleblower Handbook Protect Yourself: Purchase the New Whistleblower Handbook Protect Yourself: Purchase the New Whistleblower Handbook
Tags: Corporate FraudInternational WhistleblowersMichael D. KohnTax Whistleblowers
Michael Kohn

Michael Kohn

Write a Letter to The Editor.

Most Popular

Breaking: Representative Connolly Introduces Bill to Reauthorize MSPB

SEC Awards Whistleblower Over $9.2 Million for Related Actions by DOJ

Whistleblower of the Week Podcast Episode One: Heidi Weber

Congress Should Demand Merrick Garland Commit to Fixing the DOJ’s Whistleblower Programs

Robert Bosch GmbH Leaves It to Whistleblowers to Hire a Lawyer

SEC Pays Whistleblowers $3 Million in First Awards of New Administration

Whistleblower Poll

Increased Whistleblower Protections
Legislation

Candidate’s Position on Increased Whistleblower Protections Influences 44% of Likely Voters

byAna Popovich
October 6, 2020

Protect Yourself: Buy the New Whistleblower Handbook Protect Yourself: Buy the New Whistleblower Handbook Protect Yourself: Buy the New Whistleblower Handbook
ADVERTISEMENT
ADVERTISEMENT

STAY INFORMED. Sign up for daily whistleblower email and social notifications from the Whistleblower Network News.

  • This field is for validation purposes and should be left unchanged.

Qui Tam

  • Dodd-Frank
  • IRS & Tax
  • SEC
  • Foreign Corruption
  • False Claims-Qui Tam

Retaliation

  • OSHA
  • Sarbanes-Oxley

Government

  • Government
  • Intelligence
  • Legislation
  • Veterans

Features

  • Whistleblower of the Week
  • Editorial
  • Features
  • Interviews
  • Opinion

Resources

  • FAQs
  • National Whistleblower Day
  • National Whistleblower Center
  • Whistleblower Handbook
Whistleblower Network News

Whistleblower Network News is an independent online newspaper providing our readers with up-to-date information on whistleblowing. Our goal is to be the best source of information on important qui tam, anti-corruption, compliance, and whistleblower law developments. 

Submit an Article
  • ABOUT
  • ADVERTISE
  • PRIVACY POLICY
  • TERMS OF USE
  • CAREERS
  • CONTACT

Copyright © 2021, Whistleblower Network News. All Rights Reserved.

This Newspaper/Web Site is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this website, you understand that there is no attorney-client relationship between you and the Newspaper/Web Site publisher. The Newspaper/Web Site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

No Result
View All Result
  • Government
  • Legislation
  • False Claims
  • Corporate
    • Dodd-Frank
    • IRS & Tax
    • SEC
    • Sarbanes-Oxley
  • OSHA
  • Environment
  • Opinion
  • Editorial
  • Login

Copyright © 2020, Whistleblower Network News. All Rights Reserved.

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password?

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version