Treasury Guts Corporate Ownership Disclosure Rule, Drawing Bipartisan Fire over Illicit Finance Risks
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Treasury guts corporate ownership disclosure rule, drawing bipartisan fire over illicit finance risks
The Trump administration finalized a rule scrapping federal requirements that U.S. companies reveal their true owners, a move Treasury Secretary Scott Bessent calls deregulation but bipartisan critics warn will shield criminals hiding dirty money. Bessent’s Treasury Department on Tuesday eliminated the beneficial ownership reporting mandate under the Corporate Transparency Act, a bipartisan law enacted during...
The U.S. Treasury Eliminates the Registration of Final Owners and Hinders the Pursuit of Dirty Money
IN 30 SECONDS What has happened? The Treasury Department has approved a final rule that eliminates the obligation to declare the real owner for most U.S. companies. Who is behind it? Secretary Scott Bessent, with the support of the National Federation of Independent Enterprises (NFIB) and the rejection of bipartisan senators. What impact does it have? Foreign companies operating in the U.S., including Spanish companies without a local subsidiary…
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