The U.S. Treasury Department has decided to permanently revoke a regulation that required U.S. businesses to disclose their ownership to federal investigators targeting financial crimes like money laundering. Treasury Secretary Scott Bessent stated that the regulations placed an excessive burden on American businesses.
Republicans expressed their appreciation to the Treasury, recognizing Scott Bessent’s leadership for advocating on behalf of job creators. In contrast, Democrats criticized the repeal, arguing that it facilitates criminal activities through shell companies.
The rule’s repeal applies solely to American businesses. Foreign companies and pooled investment entities, such as mutual funds or hedge funds, must still provide information about their foreign owners. However, they are no longer required to disclose the identities of Americans aiding in business registration in the U.S. According to a Treasury Department advisory, the department plans to erase any information previously gathered about American business owners.
The announcement came as part of efforts to balance regulatory demands with economic growth, although it has sparked debate over potential repercussions in financial crime monitoring.
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