Yellen says 100,000 firms have joined a business database aimed at unmasking shell company owners
Treasury Secretary Janet Yellen is announcing that 100,000 businesses have signed up for a new database that collects ownership information on firms intended to help unmask shell company owners
By FATIMA HUSSEIN
Published - Jan 08, 2024, 11:39 AM ET
Last Updated - Jan 08, 2024, 11:39 AM EST
WASHINGTON (AP) — Treasury Secretary Janet Yellen is announcing that 100,000 businesses have joined a new database that collects “beneficial ownership” information on firms as part of a new government effort to unmask shell company owners.
Yellen will visit Treasury's Financial Crimes Enforcement Network — known as FinCEN— in Vienna, Virginia to discuss the launch of the database with the new year. She will also expand on upcoming real estate rules meant to increase transparency about the people and companies buying up property in the U.S.
The Virginia visit is meant to showcase the Biden administration's intent to increase corporate transparency and prevent the misuse of shell companies.
