New U.S. National Security Rule Requires Firms to Disclose Key Owners
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New U.S. National Security Rule Requires Firms to Disclose Key Owners.
WASHINGTON—Millions of companies in the U.S. will have to disclose their ownership to the federal government under a new anti-money-laundering rule issued by the Biden administration on Thursday.
The Treasury Department action is aimed at closing what national security officials had warned for decades was a gaping hole in corporate regulations. By requiring certain companies to identify their primary owners, officials say they aim to penetrate the shield of anonymity that has enabled drug traffickers, terrorists, corrupt officials and other bad actors to keep their illicit activities hidden.
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