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Rule on Shell-Company Ownership Info is Under White House Review

Aug. 31, 2022, 2:31 PM

A proposed rule requiring companies to disclose information to the Treasury Department about their “beneficial owners” has been sent to the White House’s regulatory review office.

The rule (RIN 1506-AB49) arrived at the Office of Information and Regulatory Affairs on Tuesday, according to OIRA’s website.

  • Beneficial owners are people who own at least 25% of a company or exert significant authority over it. The disclosures about beneficial owners, mandated by legislation passed in 2021, are aimed at combating money laundering through anonymous shell companies.
  • Under the rule, companies would have to disclose basic information about ...