New US bill to mandate disclosure of tax haven ties by the lawmakers By TII News Service
Mar 30, 2012 , Washington
LAWMAKERS and candidates would have to spell out any financial ties they might have to countries considered to be tax havens under a bill introduced by two Democrats in the Senate. The proposal by senators Dick Durbin and Al Franken would require lawmakers and candidates for federal office to list connections to countries such as the Cayman Islands and Bermuda in annual financial disclosure forms. This kind of information must already be reported on U.S. tax forms, which are private, but it is not required on congressional disclosure forms. The move is expected to help restore the American people's trust in government and ensure that government leaders aren't skirting laws.
