The Treasury also announced regulations on 'Customer Due Diligence' that enhance transparency and protect the integrity of the financial system by requiring financial institutions to know and keep records on who actually owns the companies that use their services.

Through Lew's letter, the Administration also called upon the Senate to finally approve tax treaties that have been pending for several years, and that would help crack down on offshore tax evasion.

"We stand ready to work with Congress to act on the Administration's legislative proposal, that ensures the United States is in line with international standards on tax information sharing," the White House said.

Treasury is sending to Congress draft legislation requiring legal entities to know and report information on beneficial ownership.

Increasing law enforcement access to "beneficial ownership" information – information about the people who are really behind a corporation or other business entity – will help in preventing and investigating financial crimes.

The US has led efforts within the major economic powers of the G-20 and the Financial Action Task Force (FATF) to strengthen international standards on combating money laundering and terrorist financing and facilitate their implementation.

More than 190 jurisdictions around the world have committed to the FATF Recommendations through the global network of FATF-Style Regional Bodies and FATF memberships, the White House said.

Since Obama signed FATCA into law in 2010, the United States has negotiated agreements with more than 100 countries that help US enforce its tax laws.

FATCA's pioneering approach to automatic information sharing on tax matters is the template for the development of international standards that have been endorsed by the G-20 nations and are being deployed around the world.

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