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G20 embraces crackdown on tax havens, warns over 'Brexit'

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, DCThe world’s leading economies took a step Friday toward denying tax evaders and money launderers around the world the ability to hide behind anonymous shell companies. Acting in the wake of the Panama Papers scandal, finance chiefs of the Group of 20 powers meeting in Washington supported proposals requiring authorities to share the identities of the real owners of shell companies. Making the beneficial owners of companies, trusts and foundations transparent “is vital to protect the integrity of the international financial system,” the G20 finance ministers and central bank governors said in a statement.

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