Treasury scraps reporting rule for U.S. small business owners

Key Points

The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a rule that exempts all U.S. companies and U.S. owners from filing reports about “beneficial ownership information.”
Lawmakers sought such information to help curb criminal activity and illicit finance conducted through opaque shell companies. It came with financial penalties for noncompliance.
The move is part of a broader deregulatory push by the Trump administration.

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