Obama Is Going to Crack Down on Tax Evasion

(WASHINGTON) — The Obama administration has announced a set of financial regulations that would force companies to disclose more information about their owners, part of an effort billed as a crackdown on tax evaders and money launderers.

Administration officials announced the new rules Thursday as Treasury Secretary Jacob Lew urged Congress to pass legislation that would further enhance transparency in the U.S. banking system and help law enforcement track down secret owners.