A proposed rule for a new beneficial ownership registry was released Tuesday as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, terrorist financing, tax fraud, and other financial crime activities.
The notice of proposed rulemaking from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) addresses “who must report beneficial ownership information, when they must report, and what information they must provide.” Once it is established, the registry will be overseen and administered by FinCEN and can be accessed by law enforcement, financial institutions, and other “authorized users.”
