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The president committed to cracking down on phantom firms in his G8 action plan and in his opengovernmentpartnership action plan.
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One group advocating this is the OpenGovernmentPartnership (OGP), which has 58 signatory countries.
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Tanzania, for example, has been a member of the OpenGovernmentPartnership, a global initiative to promote transparency, since 2011.
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Kerry, in his comments to a conference organised by the OpenGovernmentPartnership, acknowledged that trust needed to be restored.
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The OpenGovernmentPartnership was kickstarted by US president Barack Obama in 2011 to make governments more open and accessible to citizens.
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The Obama administration has promised to take action on beneficial ownership as part of its commitment under the transparency initiative called OpenGovernmentPartnership.