Treasury ends ownership reporting rules for U.S. companies

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• The rules imposed an undue burden on American businesses.

  The rules, intended to combat money laundering and other financial crimes, imposed an undue burden on American businesses

  American businesses repealed rule

  Untested — nothing else bears on it yet

• The repeal makes it easier for criminals to use shell companies to avoid detection.

  Democrats said the repeal makes it easier for criminals to use shell companies to avoid detection.

  shell companies

  Untested — nothing else bears on it yet

• The U.S. Treasury Department permanently repealed a rule Tuesday that required businesses formed in the United States to report who owns them to federal financial-crimes investigators.

  The U.S. Treasury Department permanently repealed a rule Tuesday that required businesses formed in the United States to report who owns them to federal financial-crimes investigators.

  repealed rule U.S. Treasury Department

  Untested — nothing else bears on it yet

• Foreign companies and pooled investment vehicles must still report information about foreign owners.

  Foreign companies and pooled investment vehicles (such as mutual funds or hedge funds) must still report information about foreign owners.

  Foreign companies and pooled…

  Untested — nothing else bears on it yet

• They will no longer have to identify Americans who help them register to do business in the U.S.

  But they will no longer have to identify Americans who help them register to do business in the U.S., according to a Treasury Department advisory.

  American businesses Foreign companies and pooled…

  Untested — nothing else bears on it yet

• Treasury will delete any information it has already collected about U.S. business owners.

  And Treasury will delete any information it has already collected about U.S. business owners, the advisory said.

  U.S. Treasury Department

  Untested — nothing else bears on it yet

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