II
112th CONGRESS
2d Session
S. 2253
IN THE SENATE OF THE UNITED STATES
March 29, 2012
Mr. Durbin (for himself and Mr. Franken) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs
A BILL
To require individuals who file under the Ethics in Government Act of 1978 to disclose any financial accounts that are or have been deposited in a country that is a tax haven.
Short title
This Act may be cited as the
Financial Disclosure to Reduce Tax
Haven Abuse Act of 2012
.
Disclosure of accounts held in tax havens
Section 102(b)(1) of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended—
in subparagraph (A), by inserting ,
with a specific accounting of any financial interest held by the covered
individual or their spouse in a country that is considered as a tax haven as
listed by the Secretary of the Treasury and made available to the filer
after calendar year
; and
inserting at the end the following:
In compiling the list of tax havens under subparagraph (A), the Secretary of the Treasury should consider for inclusion those jurisdictions which have been previously and publicly identified by the Internal Revenue Service as secrecy jurisdictions in Federal court proceedings.
.