Treasury moves forward with database on corporate ownership

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Tens of millions of small U.S. companies will soon be required to submit details on their owners and others who benefit from them. Under a new regulation finalized Thursday, the Treasury Department will create a database containing personal information on the owners of at least 32 million U.S. businesses. The goal is to combat illicit finance and peel back the layers of ownership of shell companies that often hide unlawfully obtained assets. Treasury officials call the new rule a sea change in the world of corporate transparency. Treasury Secretary Janet Yellen says the rule will make it harder for criminals to hide their identities and launder money.