The Obama administration is preparing to roll out new rules meant to crack down on money laundering, tax evasion and corruption, officials announced Thursday evening. The administration will also seek legislation related to transparency relating to ownership of companies and new tools for prosecuting transnational corruption.

The new rules and legislation would be “tools to detect, disrupt, and deter terrorist financing, money laundering, and tax evasion,” said Wally Adeyemo, deputy national security adviser for international economics to President Obama. “Our financial system should not provide the rich, the powerful, and the corrupt with the opportunity to shield their assets and avoid paying their fair share or with the opportunity to hide any illicit activity.”