Wyden vows to fight shell companies’ fraud, tax evasion
Sen. Ron Wyden, D-Ore., said Fridayhe’s working to stop fraud by anonymous shell companies – companies which only exist on paper – in Oregon and nationwide.
The lawmaker said the recent Panama Papers scandal has put a spotlight on the issue of abuse by shell companies, and such entities in Oregon have been at the center of money laundering and racketeering.
“As I recently discussed with Oregon Secretary of State Jeanne Atkins, we have a problem with shell companies right here in our own backyard,” said W yden, ranking member of the Senate Finance Committee.
“Shell companies can be used for all sorts of fraudulent activity, from tax evasion to money laundering, even funding overseas terrorists. When shell companies are used to cheat on taxes, it hurts taxpayers in Oregon and around the country.
“In addition to the secretary and I doubling down on efforts here at home, I’m working on federal legislation to crack down and end the abuse nationwide.”
Friday’s statement bu ilds on Wyden’s calls for action by the U.S. Treasury – for which he has oversight responsibilities — to take every step possible to stop abuses by anonymous shell companies.
Earlier this week, he also wrote to the secretaries ofsState for Nevada and Wyoming, two hotbeds for shell company operations as identified by Panama Paper reports, probing into the issue.
