Watchdog Urges Treasury to Address ‘Gaps’ in Ownership Info (1)

Now that the Treasury Department has exempted US companies from requirements to disclose more about their ownership, the agency should take steps to address the resulting “gaps” in ownership information that could enable anonymous shell companies to get away with money laundering, fraud, and other crime, a government watchdog said Friday.

Treasury should identify risks posed by its move to exempt companies from the “beneficial ownership” requirements of the Corporate Transparency Act, and should tell Congress and law enforcement what it finds, the Government Accountability Office said in a report. That “would better position policymakers and law enforcement to ...