00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Trump administration finalized a rule exempting U.S. companies and individuals
00:07from reporting beneficial ownership information to the Treasury Department's Financial Crimes
00:11Enforcement Network. The rule rolls back requirements established under a 2021 law
00:16aimed at combating illicit finance. FinCEN will still require foreign reporting companies
00:22to disclose beneficial ownership information for foreign individuals.
00:26Beneficial owners are people who own at least 25 percent of a business or exercise substantial
00:31control over it. Treasury Secretary Scott Besant said the change eliminates a burdensome requirement
00:38for millions of business owners without compromising national security. FinCEN will also delete
00:43previously reported information from Americans in its beneficial ownership database.
00:48Senator Elizabeth Warren said the rollback could increase risks of sanctions evasion,
00:53fraud, trafficking, and organized crime by making it easier to conceal business ownership.
00:58For all things money, visit Benzinga.com.
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