US Treasury moves to crack down on shell companies, corruption
Dec 08, 2021 - 04:14 AM
ANKARA (AA) – The US Treasury Department announced Tuesday it will take action against shell companies in an anti-corruption operation to prevent the flow of illegal funds.
Companies in the US will be required to provide owners’ identification documents, including names, birthdates, addresses and other records.
“For too long, corrupt actors have made their home in the darkest corners of the global financial system, stashing the profits of their illegitimate activities in our blind spots,” the agency said in a statement.
“Another of these dark corners is the real estate market. Today, certain all-cash real estate transactions are not subject to permanent anti-money laundering rules or requirements for beneficial ownership disclosure. As a result, our real estate markets are at risk of becoming a safe haven for criminals, kleptocrats, and others seeking to park corrupt profits,” it added.