Treasury Scales Back Scrutiny of U.S. Shell Companies

The Trump administration has decided not to enforce certain reporting requirements of the 2021 Corporate Transparency Act. This law was designed to combat money laundering by increasing transparency around shell companies in the US. As a result, shell companies will not be required to disclose their beneficial owners, a key provision of the act. The move is expected to reduce scrutiny of these companies, potentially making it easier for illicit activities to go undetected.

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