The U.S. Department of the Treasury today [announced]( several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities.

*”The Treasury Department has long focused on countering money laundering and corruption, cracking down on tax evasion, and hindering those looking to circumvent our sanctions. Building on years of important work with stakeholders, the actions we are finalizing today mark a significant step forward to increase transparency and to prevent abusive conduct within the financial system.”* said Treasury Secretary Jacob J. Lew.

Actions Include:

* A Customer Due Diligence (CDD) Final Rule
* Proposed Beneficial Ownership legislation
* Proposed regulations related to foreign-owned, single-member limited liability companies (LLCs)

The Secretary has [urged Congress]( to act on important new authorities. These include passing Beneficial Ownership legislation, providing full reciprocity with Foreign Account Tax Compliance Act (FATCA) partners, and approving bilateral tax treaties currently pending in the Senate.