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U.S. Congress to pass company beneficial ownership disclosure rules

In the upcoming days, the US Congress is expected to vote on the final passage of the Corporate Transparency Act as part of the National Defense Authorization Act, which will include legislation requiring companies to register their beneficial ownership. The measures aim to end the incorporation of anonymous shell companies in the United States by giving powers to the Department of the Treasury to create a beneficial ownership register for companies available to competent authorities.

Through these provisions, the US will also strengthen its financial intelligence by increasing data collection of the Treasury’s Financial Crimes Enforcement Network (FinCEN), while at the same time increasing international cooperation between financial crime units.

SOURCE: www.congress.gov