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Aug 14, 2026

Treasury announces plans to destroy beneficial ownership database

The Treasury Department announced it will destroy the government's registry on shell-company ownership, eliminating a key anti-corruption tool that helps law enforcement track money laundering and financial crimes.

Aug 14, 2026·2 sources
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Top claims

  • ▪The Corporate Transparency Act requires American companies and individuals to report beneficial ownership information, defined as holding at least a 25 percent stake or substantial control, to the Financial Crimes Enforcement Network.
  • ▪Congress passed the Corporate Transparency Act with bipartisan support as part of the National Defense Authorization Act six years prior to August 2026.
  • ▪In April 2026, Republican members of the House Financial Services Committee approved a measure to repeal the requirement that United States shell companies disclose their true owners.

Subtopics

Anti-money laundering (AML)Government regulation

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