A lack of transparency in the global financial system hinders the ability of governments worldwide to stop the flow of illicit money that comes from crimes like tax evasion, money laundering, and bribery. These illegal flows rob many poor nations of their opportunity to develop and thrive.

News of corporations taking advantage of tax loopholes to avoid paying their fair share toward the cost of government continues to flow in. Usually, closing these loopholes requires legislative action by a divided Congress, but there’s one $10 billion a year loophole that can be closed with a Treasury Department regulation.

Sen. Max Baucus (D-MT) released a series of discussion drafts proposing elements of tax reform this week, including recommendations for international tax reform.

Baucus clearly states that tax reform overall should be revenue positive for deficit reduction, but the proposal for international taxation is revenue neutral in the long-run—leaving open the possibility of revenue positive reform of the individual tax system.

On Tuesday, the Irish government announced plans to close a major tax loophole that had allowed Apple to avoid paying $40 billion in taxes.

The Irish tax loophole allowed firms to shelter profits by using “ghost companies.” These so-called “ghost companies” do not declare residency in any country, thereby avoiding paying taxes to any nation.