Posts Tagged ‘federal legislation’

Having launched and led the battle against offshore tax evasion, America is now part of the problem

Partly because of state rights, the US can appear to have multiple personalities:

“Business lobbyists and states with lots of registered firms, led by Delaware, have long stymied proposed federal legislation that would require more openness in corporate ownership. (Incorporation is a state matter, not a federal one.) America will often investigate a shell company if asked to by a foreign government that suspects wrongdoing. But incorporation agents do not have to collect ownership information. This is in contrast to Britain, which will soon have a public register of companies’ beneficial owners.”

Source: The biggest loophole of all | The Economist

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