OECD Asks US for Progress on Beneficial Ownership Information

The US should make changes to allow the availability of accurate and up-to-date beneficial ownership information for legal entities and arrangements, the OECD said in a report published Friday.

Such disclosures, which include the names, addresses, and other identifying information of a company’s owners, are aimed at preventing anonymous shell companies from getting away with money laundering, fraud, and other crime.

The OECD suggested that the US should make changes to beneficial ownership information related to trusts in its June update to the Enhanced Monitoring Report on the Implementation of the Standard on Transparency and Exchange of Information on Request. ...