WASHINGTON: While small countries are often perceived as major havens for hiding or laundering money,"enormous amounts of illicit funds" end up in the US financial system, Treasury Secretary Janet Yellen said Thursday .
Switzerland or the Cayman Islands have long been the focuses of regulators looking to find hidden cash. Yellen highlighted the anti-corruption strategy President Joe Biden's administration rolled out this week, including proposed rules to uncover the owners of shell companies and real estate. She noted that some US states allow for the creation of shell companies without disclosing who really owns them.
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