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Insights: Stop Tax Haven Abuse Act Spotlights Anti-Money Laundering and Corporate Transparency
By Bruce Zagaris
printBy Bruce Zagaris On March 1, 2009, the Stop Tax Haven Abuse Act (S. 506 and H.R. 1265) was introduced in Congress. The bill has significant provisions on corporate transparency and anti-money laundering (AML) and hence has importance for practitioners and professionals involved in international compliance policies. The Stop Tax Haven Abuse Act (STHAA) provides new enforcement tools to close the loss of revenue through the use of foreign tax havens. The bill includes new legal presumptions to overcome offshore secrecy barriers, special measures to combat those who impede U.S. tax enforcement, provisions that treat offshore corporations as domestic corporations...
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