FinCEN issued a final rule on August 11 permanently exempting all US companies and individuals from beneficial ownership information reporting requirements, effectively gutting the Corporate Transparency Act of 2021. The agency went further by ordering the deletion of previously collected data, retroactively erasing information submitted during the brief enforcement period. Foreign companies registered in the US remain subject to reporting obligations. This decision represents a major reversal in financial transparency, with critics noting that the US remains one of the easiest jurisdictions in the world to establish anonymous shell companies.
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