US to crack down on anonymous shell companies

The United States plans to begin forcing the disclosure of shell company owners' identities to combat tax avoidance and other illicit activities, Treasury Secretary Jack Lew said Saturday. With the fallout of the "Panama Papers" leak still echoing through the financial system, Lew said in a policy statement to the International Monetary Fund that the Treasury is close to releasing new rules that require banks and other financial institutions to identify the beneficial owners of all new customers