In the United States, formation filings reveal little about the true ownership of a limited liability company (LLC). In contrast, financial disclosure rules, such as those issued by the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN), now require financial institution customers to disclose ultimate ownership of new accounts. And the G20 has called for its members to implement the standards of the Financial Action Task Force (FATF) on beneficial ownership in order to improve anti-money laundering (AML) and counter-terrorist financing (CFT) efforts. The various U.S. states have generally pushed back against entity disclosure rules. How long will...