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Wednesday, November 30, 2022

US moves forward with database on business ownership

US moves forward with database on business ownership

WASHINGTON ( Associated Press) — Millions of small U.S. businesses will be required to provide the government with details of their owners and others profiting from them, under a rule finalized Thursday that is aimed at concealing ownership of assets. The web has to end. obtained.

The Treasury Department said it was taking steps to create a database that would contain the personal information of the owners of at least 32 million US companies as part of an effort to combat illicit finance. Treasury officials said the new rule represents a major change in the world of corporate transparency.

The regulation comes amid persistent efforts by the United States and its allies to sanction Russian oligarchs and wealthy allies of Russian President Vladimir Putin since the start of Ukraine’s invasion. Wealthy Russians are accused of hiding stolen money and property in the United States and around the world.

“This rule will make it more difficult for criminals, organized crime gangs and other illegal actors to hide their identities and launder their money through the financial system,” Treasury Secretary Janet Yellen wrote in a statement.

“It will help bolster our national security by making it more difficult for oligarchs, terrorists and other global threats to access complex legal structures, to money, traffic people and drugs, and commit other crimes that the American Threatening to harm people,” he added. ,

The rule would require most US businesses with fewer than 20 employees to register with the government beginning January 1, 2024. Treasury officials said the regulatory burden would be small, costing about $85 per business. , but it would provide huge benefits for law enforcement. , Small businesses are targeted because shell companies, often used to hide wrongfully acquired assets, have fewer employees.

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