1MDB Scandal Prompts U.S. Legislators to Find Fix on Beneficial Owner Transparency
Two bills were recently introduced, one in the U.S. House of Representatives and the other in the U.S. Senate, that would mandate the U.S. Treasury to received detailed information on the beneficial owners behind shell companies. The bill would make U.S. corporations disclose in a private registry the beneficial owners of such entities. The registry would be available to U.S. law enforcement. The 1Malaysia Development Berhad (1MDB) scandal had spread its wings and involved firms such as Goldman Sachs.
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