Bloomberg Tax
May 18, 2022, 2:00 PM

Russian Billions Hidden in US Spur Backlash to Financial Secrecy

Blake Schmidt
Blake Schmidt
Bloomberg News

The US is by at least one measure the biggest enabler of financial secrecy in the world.

Now a movement is forming -- backed by Republicans and Democrats -- to peel back the curtain on one favored structure for shielding ownership.

Officials from New York to Alaska are seeking a glimpse into anonymous limited liability companies doing business in their states -- in some cases, because Russian billionaires were found to be hiding behind the corporate structure. The moves would build upon a law passed at the federal level before the war in Ukraine that required LLCs to disclose their ...