By Ismail Shakil
THE Trump administration has finalized a rule exempting U.S. companies and individuals from reporting beneficial ownership information to the Treasury Department’s financial crimes unit, rolling back reporting requirements established under a 2021 law aimed at combating illicit finance.
The Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, will still require foreign reporting companies to disclose beneficial ownership information for foreign individuals, the department said in a statement.
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