The U.S. Treasury Department has announced a revision to its 2021 Corporate Transparency Act, narrowing reporting requirements for beneficial ownership information to foreign entities only, effectively relieving U.S. companies and citizens from the obligation to disclose such details.
U.S. Treasury Revises Beneficial Ownership Reporting Requirements
The U.S. Treasury Department has issued an interim final rule that modifies reporting requirements for beneficial ownership information under the 2021 Corporate Transparency Act. As of Wednesday, the rule now limits the scope of reporting to foreign entities, removing the previous requirement for U.S. companies, citizens, and other domestic entities to disclose such details.
This revision comes after the Treasury's announcement earlier this month that it would halt enforcement of the Corporate Transparency Act for U.S. individuals and domestic businesses. Under the original legislation, U.S. companies were required to submit beneficial ownership data to combat money laundering and illicit financial activity. The revised rule now narrows the focus to foreign entities, effectively relieving U.S.-based businesses from this obligation.
The move is part of broader regulatory adjustments as the U.S. government aims to balance transparency with privacy concerns. The Corporate Transparency Act was initially designed to prevent the use of shell companies to obscure financial activities and assist law enforcement in tracing illicit financial flows. The Treasury’s latest action has sparked discussions around the evolving landscape of corporate regulation, with some experts raising questions about how the revision will impact enforcement efforts against global financial crimes.
The change underscores a shift in the U.S. government's approach to corporate transparency, as it seeks to maintain oversight while minimizing the regulatory burden on domestic businesses. The interim final rule is now subject to a public comment period before finalization.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
A fragment of the Soviet spacecraft Kosmos 482, launched in 1972, is expected to crash back to Earth between 9 and 10 May, according to space agencies monitoring its re-entry.
FIFA has approved a major expansion of the Women’s World Cup, increasing the number of participating teams to 48 starting from the 2031 edition.
Mexico is suing Google for disregarding repeated requests to stop referring to the Gulf of Mexico as the "Gulf of America" for U.S. users on Google Maps.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment