For five years, the federal government worked to improve corporate transparency by imposing new disclosure requirements on shell companies. This legislation, which received bipartisan support, aimed to curtail financial anonymity. FinCEN was set to manage a database of ownership information from millions of corporate entities, requiring compliance by March 2025. However, on March 1, after a tweet from comedian Terrence K. Williams calling for Musk's intervention, the Treasury Department announced it would not enforce the deadline, reversing the momentum toward increased accountability.
FinCEN began the yearslong process of setting up a database of who owns what, and last year it started to collect documentation from an estimated 32 million corporate entities covered under the law.
The law directed limited-liability companies, trusts, and other private legal entities to identify their true owners to the Financial Crimes Enforcement Network (FinCEN), a federal agency that polices money laundering and other illegal business activity.
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