The U.S. Treasury Department announced proposed rules to curb the use of shell companies and laundering of illicit money through American real estate.
Once enacted, one of the rules would require companies to declare their beneficial owners — individuals or entities with 25% or more controlling interest in the companies — to the Financial Crimes Enforcement Network (FinCEN), the Treasury agency responsible for monitoring potential illicit corporate activity.
The rule would apply to most limited partnerships, limited liability companies and business trusts that are registered in the United States and foreign corporate entities that do business in the country.
