The government’s effort to collect companies’ ownership information is off to a fast start, with more than 100,000 filings in the first week since new rules took effect, Treasury Secretary Janet Yellen said Monday.
Effective Jan. 1, tens of millions of small businesses are required to report information about their “beneficial ownership” to the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN. The aim is to prevent anonymous shell companies from laundering money and helping to fund terrorism, drug trafficking, and other global criminal activity.
“We’re closing a loophole and sending a clear message: The United States is not ...
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