The bill comes just two days ahead of a Senate hearing where a senior UBS AG executive is due to testify about an investigation of the Swiss banking giant.
"Offshore tax haven and tax shelter abuses are undermining the integrity of our tax system," said Levin in a statement given to Reuters. "We cannot tolerate $100 billion in offshore tax abuses burning a hole through our budget each year.
"We can fight back against secrecy jurisdictions and shut down offshore tax abuses if we have the political will."
Companion legislation is expected to be introduced in the U.S. House of Representatives, the aides said.
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