Ex-US Senator: Don’t waste Panama Papers scandal

Former U.S. senator Carl Levin says public anger over the Panama Papers offers an opportunity to “make real progress” in ending financial abuses. The retired Democratic senator from Michigan says Washington should harness this anger and not let the scandal “go to waste.” For a decade, Levin pushed Washington to require collection of accurate information […]

Former U.S. senator Carl Levin says public anger over the Panama Papers offers an opportunity to “make real progress” in ending financial abuses.
The retired Democratic senator from Michigan says Washington should harness this anger and not let the scandal “go to waste.”
For a decade, Levin pushed Washington to require collection of accurate information on the true owners of offshore shell companies and similar firms incorporated by foreigners in the United States.
As the Panama Papers show, in some cases these opaque shell companies may have been used to hide wealth from tax collectors, or evade financial sanctions.
In an opinion article Levin wrote for The Guardian newspaper, he calls on Washington to outlaw corporations with hidden owners.
Levin says Britain and the European Union have begun moving in this direction, while, the United States “is far behind.”