The legislation would also require online platforms to make "all reasonable efforts" to ensure that foreign nationals and entities are not buying political ads to influence the US electorate. "We realize we won't catch every ad that should be labeled, and we encourage anyone who sees an unlabeled political ad to report it", Facebook said.
Pages with large followings will also require verification, the chief exec said.
The new rules will be launched in the United States and will expand to the rest of the world in the coming months.
British Columbia's Office of the Information and Privacy Commissioner said a year ago it is investigating AggregateIQ's connection to Vote Leave and announced a joint investigation with Canada's federal privacy commissioner into both AggregateIQ and Facebook, the National Observer reported.
Facebook came under scrutiny after it was revealed that Russian Federation bought ads on the site during the 2016 presidential campaign as part of its efforts to interfere in the election. They have faced an uphill fight so far because Republicans, who are generally skeptical of political ad regulations, have majorities in the House and Senate.
The Internet Research Agency, the Kremlin-linked troll farm that has used Facebook and other social media in an attempt to meddle in US politics, created Pages meant to look like they were run by real American activists.
"The problems here are complex, both technically and philosophically", Zuckerberg wrote days after election night, discussing the company's plans to combat fake news.
Facebook is dealing with the worst privacy crisis in its history in the wake of the Cambridge Analytica data scandal.
Since the Cambridge Analytica scandal erupted, Zuckerberg has assumed personal responsibility for the data privacy leaks, and the company has launched several initiatives to increase user control over their data. Eastern time, however, there were no signs that any users have yet received that notification or a more general one Facebook said it would direct to everyone on its service. The latest change announced by Facebook's founder widens it now to all political advertising.
In mid-March, Facebook suspended the British firm whose staff helped then-candidate Donald Trump during the 2016 presidential campaign and said it would investigate possible misuse of user data obtained via a personality app and then improperly obtained and retained by Cambridge Analytica. In nearly the next breath, however, Zuckerberg steered clear of endorsing a bill that would write such rules into federal law, and instead talked up Facebook's own voluntary efforts on that front. They said Facebook uses the technology and "routinely scans photos for biometric facial matches without the consent of the image subject".
In an attempt to off-set the adverse publicity that the world's biggest social media site has received in recent weeks, Facebook's head Mark Zuckerberg has declared that all "large" pages will be audited.
In addition, 87 million users whose data might have been shared with Cambridge Analytica will get a more detailed message informing them of that fact.