Reported by: Dylan Tokar

The U.S. Treasury Department has proposed giving both banks and law-enforcement officials varying degrees of access to a sprawling new database of corporate-ownership information as part of an effort to stop criminals and terrorists from using anonymous shell companies to hide dirty money.

The proposal, issued by the Treasury’s Financial Crimes Enforcement Network, launches the second of three rule-makings, which officials have said are needed to implement the Corporate Transparency Act, an ownership-reporting law Congress approved in 2021.

A prior rule covered which companies would be required to submit information about their owners to FinCEN, and what type of information they would need to provide. The latest rule lays out who will be able to use the information and how they can access its contents. Officials say they plan to launch the database in January 2024.

Read full report: https://www.wsj.com/articles/treasury-proposal-lays-out-who-would-have-access-to-new-ownership-database-11671063311?mod=hp_minor_pos12