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Michigan lawmakers target predatory loan companies; NY jury hears tape of Trump and Cohen Discussing Hush-Money Deal; flood-impacted VT households rebuild for climate resilience; film documents environmental battle with Colorado oil, gas industry.

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President Biden defends dissent but says "order must prevail" on campus, former President Trump won't commit to accepting the 2024 election results and Nebraska lawmakers circumvent a ballot measure repealing private school vouchers.

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Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

Watchdogs Point to Nevada Link in Panama Papers Finance Scandal

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Thursday, April 7, 2016   

LAS VEGAS - The U.S. is one of the easiest places in the world to incorporate a company, then hide the true owner - and Nevada is one of the most common places to do it, according to a watchdog group. Consumer advocates at Global Witness have been poring over documents from the unfolding Panama Papers international finance scandal, in which leaked files point to allegedly corrupt politicians and other bad actors around the world who've secretly stashed billions in shell companies.

Eryn Schornick, policy advisor on the banks and corruption team at Global Witness, said the laws in the Silver State make it a magnet for the criminal element.

"They can use specific jurisdictions that have weaker laws in certain states like Nevada to move their funds and put them in a place where they won't be detected," she said.

Schornick said the Panama Papers reveal that shell companies incorporated in Nevada are linked to hundreds of millions of dollars in losses from schemes to defraud a wide range of groups, including Medicare, elderly investors, church members and people in the armed forces.

Schornick said Congress should tighten up incorporation laws on a federal level to eliminate the patchwork of rules that vary from state to state.

"That solution should be a public registry where all companies incorporated in the U.S. have to disclose the real owners behind them and keep that information updated," she added.

In early February, lawmakers in the U.S. House and Senate introduced the Incorporation Transparency and Law Enforcement Assistance Act. It has not yet been granted a hearing or a vote.

The house version of the bill can be read online here.


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