The US government will no longer require shell companies to disclose their owners and beneficiaries

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Treasury Halts Enforcement of Biden-Era Small Business Rule on Ownership TransparencyThe U.S. Treasury Department announced it will no longer enforce a Biden-era regulation requiring small businesses to register their owners in a federal database aimed at curbing money laundering and shell company formations.In a Sunday evening statement, Treasury confirmed that no penalties will be imposed—now or in the future—on businesses that fail to comply with the rule, which was created under the Biden administration.Trump Applauds Rollback, Critics Sound AlarmDespite ongoing legal challenges, the rule remains in effect. However, enforcement has been paused indefinitely.Former President Donald Trump took to Truth Social to celebrate the decision, calling the database “outrageous and invasive.”“This Biden rule has been an absolute disaster for Small Businesses Nationwide,” Trump wrote. “The economic menace of BOI reporting will soon be no more.”Transparency advocates quickly condemned the move.Ian Gary, executive director of the FACT Coalition, warned that halting enforcement weakens efforts to combat financial crime:“With one tweet, the Administration has contradicted fifteen years of bipartisan work to end the scourge of anonymous shell companies—favored by global adversaries, fentanyl traffickers, money launderers, and tax cheats.”Background on the RuleThe Corporate Transparency Act—passed in 2021—required businesses with fewer than 20 employees to register their owners in an effort to crack down on illicit financial activities.The Treasury Department launched the database in September 2022, aiming to cover at least 32 million U.S. businesses.Treasury estimated the compliance cost at $85 per business, arguing it would provide law enforcement with valuable tools to fight financial crimes.By January 2024, over 100,000 businesses had already submitted their information.Business Leaders and Officials Weigh InBusiness groups have pushed back on the rule, citing privacy and security concerns and arguing it duplicates existing corporate databases.Treasury Secretary Scott Bessent hailed the decision as a win for small businesses:“This is a victory for common sense. Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, particularly for small businesses that are the backbone of our economy.”With enforcement now suspended, the future of the ownership transparency rule remains uncertain as litigation continues.