Over 100,000 Businesses Join Treasury's New Database For Increased Corporate Transparency.
  • 4 months ago
Treasury Secretary Janet Yellen announced that over 100,000 businesses have joined a new Treasury database collecting beneficial ownership information. The database is part of efforts to increase corporate transparency and prevent the misuse of shell companies to conceal illicit activity. Treasury now has authority under the 2021 Corporate Transparency Act to require most U.S. companies to disclose their beneficial owners. It helps law enforcement make arrests and seize ill-gotten assets.