US Treasury scraps rule requiring anonymous shell companies to disclose their true owners, will delete existing records
The rule shields U.S. firms from reporting owners and orders FinCEN to erase data already filed by American businesses, officials said.
- On Tuesday, the Financial Crimes Enforcement Network issued a final rule exempting U.S. companies and persons from beneficial ownership information reporting requirements under the Corporate Transparency Act .
- Congress enacted the CTA as part of the 2021 National Defense Authorization Act to combat illicit finance, and the Treasury Department officially began accepting mandatory ownership reports in January 2024.
- Despite legal challenges from the National Small Business Association and Alabama business owner Isaac Winkles, the 11th U.S. Circuit Court of Appeals upheld the statute's constitutionality in December 2025.
- The exemption covers about 99% of businesses, and FinCEN plans to delete existing data regarding U.S. persons from its database; foreign entities must still report beneficial ownership information.
- While the CTA technically remains on the books, Congress has not repealed the law, and non-compliance penalties of $500 per day remain authorized for foreign entities subject to reporting.
78 Articles
78 Articles
The US administration abrogates the federal obligation of transparency on the economic rights holders of companies.Democrats denounce a gift to criminals, while the Treasury sees it as a victory against the bureaucracySince 11 August, millions of American companies will no longer be obliged to communicate the identity of their beneficial owners to the entity that fights economic crime, FinCEN. This repeal is part of the deregulation movement des…
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Fraud concerns raised over U.S. Treasury's repeal of corporate reporting rules
(The Center Square) – In a change meant to aid small businesses, the U.S. Treasury’s Financial Crimes Enforcement Network has permanently rescinded certain corporate ownership reporting requirements.
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Fraud concerns raised over U.S. Treasury’s repeal of corporate reporting rules
In a change meant to aid small businesses, the U.S. Treasury’s Financial Crimes Enforcement Network has permanently rescinded certain corporate ownership reporting requirements. The post Fraud concerns raised over U.S. Treasury’s repeal of corporate reporting rules first appeared on [your]NEWS.
Treasury Ends Beneficial Ownership Reporting for U.S. Companies, Senator Warren Warns of Risks to National Security
Treasury Secretary Scott Bessent called the move "a victory for common sense and American small businesses" while Warren labeled it "a gift to cartels, criminals, and U.S. adversaries"
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