U.S. companies in no hurry to disclose ownership under new Treasury rule
Publishing timestamp: 2024-01-08 19:18:57
Summary
Treasury Secretary Janet Yellen announced that over 100,000 small businesses have registered with the beneficial ownership database within one week of the new reporting requirement going into effect. However, the initial numbers are lower than projected, making it difficult to meet the estimated 32.6 million businesses required to register this year. The reporting rule aims to expedite investigations into illicit financial activities, and the Treasury is optimistic that filing numbers will grow exponentially as more businesses become aware of the requirements. The rule is part of the 2021 Corporate Transparency Act and aims to increase corporate transparency and support law enforcement efforts.
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