The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final interim rule that eliminates beneficial ownership information (BOI) reporting obligations for U.S.-based companies and persons.
Transparency advocates say the move guts an anti-money laundering initiative contained in the Corporate Transparency Act, while small business lobbying groups that had sued to stop the rule from being implemented, applauded the move as freeing American small businesses from being subject to an “onerous and invasive” requirement.
