Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
National
Fatima Hussein

Treasury ends enforcement of business ownership database meant to stop shell company formation

The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

In a Sunday evening announcement, Treasury said in a news release that it will not impose penalties now or in the future if companies fail to register for the agency's beneficial ownership information database that was created during the Biden administration.

Despite efforts by small businesses to undue the rule in the courts, it remains in effect.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.