Proposed legislation designed to prevent U.S. businesses from using offshore shell companies to avoid paying taxes would expand Bank Secrecy Act (BSA) regulations to include hedge funds and company formation agents. The measure, introduced Saturday in the U.S. Senate, would help the federal government recover nearly $100 billion a year in lost tax revenue, according to Sen. Carl Levin, the Michigan Democrat who cosponsored the bill. The bill, which aims to deter the use of offshore jurisdictions for tax evasion, would increase penalties for those who promote tax shelters or fail to disclose offshore holdings. The measure would authorize the...
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