Obama: Foreigners Should Not Hide Behind Shell Companies

The video discusses the issue of tax evasion through shell corporations and offshore accounts. It highlights the need for financial institutions to identify real owners of shell companies and the introduction of new rules to prevent foreigners from hiding assets in the U.S. The speaker calls on Congress to pass legislation requiring companies to report real owners and to provide law enforcement with tools to combat financial crimes. The video emphasizes the importance of cooperation between financial institutions, the Treasury Department, the IRS, and Congress to ensure tax compliance and prevent corruption.

What actions are being called upon Congress to take regarding tax regulations?

Why is it important for companies to report information about their real owners?