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How Treasury plans to counter money laundering, tax evasion
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Consumer Protection, Financial Stability, Legislation
Tuesday, May 10, 2016
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The U.S. Treasury Department and Financial Crimes Enforcement Network (FinCEN) have taken actions to combat money laundering and tax evasion by requiring financial institutions to know who actually owns the companies that make use of their services, and by urging Congress to pass legislation that would require U.S. financial institutions to provide the same information that foreign financial institutions must provide the IRS to the country’s partners under the Foreign Account Tax Compliance Act. Read on to learn more.
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