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The Latest: Germany mulls national ‘transparency register’

The Latest: Germany mulls national 'transparency register'  potted plant is placed at the entrance of the regional head office of Panama-based law firm Mossack Fonseca, one of the world's biggest creators of shell companies, in Hong Kong, Tuesday, April 5, 2016. China's Internet censors and state media outlets squelched reports Tuesday on hidden wealth drawn from documents leaked from a Panama-based law firm that name relatives of current and retired Chinese politicians, including President Xi Jinping. (AP Photo/Vincent Yu)

The Latest: Germany mulls national ‘transparency register’ potted plant is placed at the entrance of the regional head office of Panama-based law firm Mossack Fonseca, one of the world’s biggest creators of shell companies, in Hong Kong, Tuesday, April 5, 2016. China’s Internet censors and state media outlets squelched reports Tuesday on hidden wealth drawn from documents leaked from a Panama-based law firm that name relatives of current and retired Chinese politicians, including President Xi Jinping. (AP Photo/Vincent Yu)

BERLIN (AP) — The Latest on the publication by a coalition of media outlets of an investigation into offshore financial dealings by the rich and famous (all times local):

11:50 a.m.

Germany’s justice minister is proposing setting up a national “transparency register” that would list the real beneficiaries of letter-box companies — but only those set up in the country itself.

Heiko Maas’ proposal Tuesday Apr. 5, to expand national money-laundering legislation followed a massive leak of documents from a Panama-based law firm. German daily Sueddeutsche Zeitung reported Tuesday that 28 German banks used the company’s services to set up or administer over 1,200 shell companies.

Maas conceded that German legislation could only apply to companies set up in Germany, which has pushed for tax havens to open up. He said: “Those who are pushing for this at the international level have to have corresponding national rules themselves.”

Maas added: “I can imagine many countries considering this.”
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