Companies operating in the U.S. must provide information on who owns them within a year.
The Treasury Department began accepting self-filed ownership information reports from businesses after the first of the year, granting companies doing business in the United States one year to voluntarily disclose who owns them.
Managed by the department’s Financial Crimes Enforcement Network, this new disclosure requirement was enacted by the Corporate Transparency Act in 2021. Filing is free of charge and only four pieces of information are required but, after one year, the Treasury Department will begin holding businesses that do not self-disclose their ownership accountable.
“Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption. It harms American citizens and puts law-abiding small businesses at a disadvantage,” said Treasury Secretary Janet Yellen. “Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures.”
As the Lord Leads, Pray with Us…
- For Secretary Janet Yellen to be directed by the Lord as she heads the Treasury Department.
- For Director Andrea Gacki as she oversees the Financial Crimes Enforcement Network.
Sources: Treasury Department
