As they say -- democracy dies in darkness
source
The Treasury Department’s Financial Crimes Enforcement Network announced on Tuesday that it is ending the regulation that requires companies to disclose beneficial ownership. This refers to situations in which a person actually controls and benefits from a company, but legal documents list the company under a different name, like a bank or accountant.
Treasury Secretary Scott Bessent said the reporting requirements were “red tape” and “burdensome". However, critics have lambasted the rule as paving the way for a host of financial crimes.
The repeal effectively guts the Corporate Transparency Act, which was passed within the 2021 National Defense Authorization Act. The legislation was originally introduced by Marco Rubio, then a senator, who championed it in 2020 as “the most significant anti-corruption & money laundering law in decades.”

















