"Yellen Reveals 100,000 Firms Join Effort to Expose Shell Company Owners"

Treasury Secretary Janet Yellen announced that 100,000 businesses have joined a new database collecting beneficial ownership information to unmask shell company owners, emphasizing the U.S.'s commitment to preventing the misuse of shell companies and money laundering. The database, established as part of the Corporate Transparency Act, requires most U.S. firms to report identifying information about their owners or controllers. Yellen also discussed upcoming real estate rules aimed at increasing transparency in property ownership, highlighting the importance of corporate transparency in protecting national security and the economy.