Over the past five years, the federal government pursued accountability in corporate ownership through enhanced disclosure laws aimed at limiting financial secrecy. A law, supported by both parties, mandated shell companies to reveal their owners to the Financial Crimes Enforcement Network (FinCEN), establishing a database intended to combat money laundering and illicit financing. However, this initiative faced sudden disruption following a tweet from Elon Musk, where he responded to concerns over the requirements. Consequently, the Treasury Department announced it would not enforce the compliance deadline, highlighting the fragility of regulatory initiatives in the face of political maneuvering.
"A law passed at the end of Donald Trump's first term imposed new disclosure requirements on shell companies often used to shield financial transactions behind a cloak of anonymity."
"FinCEN began the yearslong process of setting up a database of who owns what, and last year it started collecting documentation from about 32 million corporate entities."
Collection
[
|
...
]