Trump Action Archive

Supporting reports

• Treasury and FinCEN eliminated beneficial ownership reporting requirement — The Treasury Department and FinCEN announced a final rule permanently eliminating the requirement for U.S. companies and individuals to report beneficial ownership information. FinCEN also announced it will delete all beneficial ownership information already collected. The beneficial ownership reporting requirement, enacted in 2020, was designed to prevent drug traffickers, Russian and Chinese kleptocrats, and international criminals from hiding money in anonymous shell companies. Former Congressman Tom Malinowski stated the move is likely illegal, as the administration is making its own rules to circumvent a law passed by Congress.
• Treasury Department repeals beneficial ownership reporting requirement — The Treasury Department officially repealed the requirement for U.S. companies and individuals to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), implemented under the Biden administration pursuant to the Corporate Transparency Act passed by Congress in 2020. The repeal also exempts Americans who obtained FinCEN IDs from updating or correcting information and eliminates the requirement for foreign companies to report Americans who helped them register to do business in the U.S. The original law was authored by then-Senator Marco Rubio, now Secretary of State, who had called it "the most significant anti-corruption and money laundering law in decades."