II 112th CONGRESS 2d Session S. 2253 IN THE SENATE OF THE UNITED STATES March 29, 2012 Mr. Durbin (for himself and Mr. Franken) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL To require individuals who file under the Ethics in Government Act of 1978 to disclose any financial accounts that are or have been deposited in a country that is a tax haven.

1.

Short title

This Act may be cited as the Financial Disclosure to Reduce Tax Haven Abuse Act of 2012.

2.

Disclosure of accounts held in tax havens

Section 102(b)(1) of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended— (1)in subparagraph (A), by inserting , with a specific accounting of any financial interest held by the covered individual or their spouse in a country that is considered as a tax haven as listed by the Secretary of the Treasury and made available to the filer after calendar year; and (2)inserting at the end the following: In compiling the list of tax havens under subparagraph (A), the Secretary of the Treasury should consider for inclusion those jurisdictions which have been previously and publicly identified by the Internal Revenue Service as secrecy jurisdictions in Federal court proceedings..