Bloomberg Tax
March 16, 2023, 7:34 PM

Senators Urge Treasury to Ease Barriers to Seeing Ownership Info

Michael Rapoport
Michael Rapoport
Senior Reporter, Bloomberg Tax

The Treasury Department should make sure that law-enforcement officials and others with a need for newly collected information about companies’ ownership can access it without putting up unnecessary obstacles, a bipartisan group of US senators said.

In a letter to Treasury on Wednesday, five senators said they were concerned that the department’s proposed guidelines on accessing ownership information “strays from congressional intent and erects unnecessary and costly barriers” to obtaining the information.

The senators’ concerns relate to access to “beneficial ownership” information such as the identity of companies’ owners that millions of US and foreign companies must disclose to Treasury’s ...