U.S. Treasury’s new rule would expand ownership reporting requirements -Breaking
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WASHINGTON, (Reuters) – The U.S. Treasury Department’s crime fighting arm proposed Tuesday a new rule to expand reporting requirements for domestic and foreign businesses as part of a larger push against corruption and shell companies.
This rule would apply reporting provisions from the Anti-Money Laundering Act of 2019. It would also establish national rules that would make it easy to identify who owns or controls a company.
This proposed rule requires affected companies to disclose their identities to the Financial Crimes Enforcement Network FinCEN, as well as name, birthdate, address and unique identifiers for all of their owners.
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