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U.S. Treasury’s new rule would broaden possession reporting necessities By Reuters


© Reuters. FILE PHOTO: FILE PHOTO: Signage is seen at america Division of the Treasury headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photograph

WASHINGTON (Reuters) – The U.S. Treasury Division’s crime combating arm on Tuesday proposed a brand new rule that will broaden reporting necessities for sure home and overseas corporations as a part of a broader push to crack down on corruption and shell corporations.

The rule would implement reporting provisions handed as a part of the Anti-Cash Laundering Act of 2020, and would set nationwide guidelines to make it clear which individuals truly personal or management an organization, closing present loopholes in U.S. regulation.

The proposed rule would require affected corporations to report their id to the Monetary Crimes Enforcement Community (FinCEN), in addition to the identify, birthdate, handle, and a novel figuring out quantity for every of its house owners.

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