Obama urges US legislators to allow global financial treaties

WASHINGTON, May 6 (KUNA) — US President Barack Obama on Friday urged US lawmakers to “stop blocking” the country’s signing of potential global tax treaties, which he believes could prevent terrorism funding, money laundering and tax evasion.
“I’m calling on Congress (Lower House) to provide the Justice Department with additional tools to investigate corruption and money launderers,” he told reporters in a briefing specifically focused on the economy.
“And I’m calling on the Senate,” he added, “to stop blocking the implementation of tax treaties that have been pending for years.” The treaties, he said, “will prevent tax evasion, they’ll prevent money laundering, they’ll prevent terrorist financing, and they’ll most importantly uphold a fundamental principle of our economy.” Obama said that one of the ways companies or the rich avoid taxes is by setting up “shelf corporations”, or dormant firms, which make tracing the information which reveals the flow of finances “harder to trace.” The president added that banks and financial institutions have “got to step up and get that information.” To do this, he also underlined the need to “cooperate with other countries” due to the global nature of the financial system, emphasizing that “if we can’t, it makes it harder for us to crack down.” “We’ve seen just how big a problem corruption and tax evasion have become around the globe,” he said.
Domestically, Obama said that a record streak of job growth has allowed US businesses to create 14.6 million new jobs and that wages have been rising at an annual rate of more than three percent.
But that the global economy is “not growing as fast as it should be,” he said.
“You’re still seeing lagging growth in places like Europe, Japan and now China.” (end) sd.ibi

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