"Treasury Rule Fails to Prompt U.S. Companies to Disclose Ownership"

U.S. Treasury Secretary Janet Yellen announced that over 100,000 small businesses have registered with the beneficial ownership database, but the numbers are lower than projected. The new reporting requirement, part of the 2021 Corporate Transparency Act, aims to disclose the true owners of companies to prevent illicit activities. The Treasury is pleased with the filing rate and expects numbers to grow as more businesses become aware of the rule. The rule will make the registry available to law enforcement to expedite investigations into activities such as drug trafficking and tax evasion.