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International Business Times UK
International Business Times UK
World
Chelsie Napiza

Trump Administration Wipes Beneficial Ownership Database in Permanent Removal of Anti-Corruption Safeguards

The US Treasury and FinCEN have permanently exempted American companies from Corporate Transparency Act beneficial ownership reporting and will delete previously collected records (Credit: The White House via Wikimedia Commons)

The US Treasury has permanently scrapped the rule requiring American companies to disclose, who really owns them, and will delete the ownership records it has already collected.

The move, announced on Tuesday, dismantles the core of a law that its own supporters once described as the most important anti-corruption measure in a generation.

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