G20 pushes for transparency on offshore shell companies: draft communique

French Finance Minister Michel Sapin speaks next to German Finance Minister Wolfgang Schauble (L) and Spanish Minister of Economy Luis De Guindos (R), during a press conference on April 14, 2016 in Washington, DC
AFP

Washington (AFP) – The G20 leading economies endorsed a proposal Friday to end the ability of tax evaders and money launderers to hide behind anonymous shell companies, according to a draft communique.

Acting in the wake of the Panama Papers scandal, G20 finance ministers meeting in Washington also backed creating a blacklist of international tax havens which do not cooperate on information sharing programs.

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