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Russian Billions Hidden in US Spur Backlash to Financial Secrecy

May 18, 2022, 2:00 PM

The US is by at least one measure the biggest enabler of financial secrecy in the world.

Now a movement is forming -- backed by Republicans and Democrats -- to peel back the curtain on one favored structure for shielding ownership.

Officials from New York to Alaska are seeking a glimpse into anonymous limited liability companies doing business in their states -- in some cases, because Russian billionaires were found to be hiding behind the corporate structure. The moves would build upon a law passed at the federal level before the war in Ukraine that required LLCs to disclose their ...