In the wake of the Panama papers that revealed how the wealthy hide their money a top Delaware official says he’s backing Obama administration efforts to get more transparency for corporations that mask their identities.
Secretary of State for Delaware Jeff Bullock says that given the First State’s significant role for incorporation he says it’s time to do more – especially in the wake of concerns by law enforcement.
The Wilmington News Journal reports that the proposed rules include requirements for banks to keep track of who owns companies that they serve.
The proposals would also require a certain group of foreign-owned companies to file with the IRS.
The paper notes that Delaware is one of a small group of states that do not require proof of identification.
The News Journal reports that the Delaware Secretary of State has been working with the state’s congressional legislation that would codify the Obama Administration efforts.
