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White House Finishes Review of Rule on Shell-Company Owner Info

Sept. 22, 2022, 1:23 PM

The White House’s regulatory review office has completed its review of a proposed rule requiring companies to disclose information to the Treasury Department about their “beneficial owners.”

The Office of Information and Regulatory Affairs concluded its review of the rule (RIN 1506-AB49) on Wednesday, 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 ...