By Michael Rapoport
A new disclosure rule that the Treasury Department released Thursday would strip the shield of anonymity away from shell companies that Treasury says are being used to hide corruption and fund terrorism, drug trafficking, and other crimes.
Starting in 2024, millions of US and foreign companies will have to disclose to the US government the identities of their owners and other basic information about them. The disclosure of that information will help governments crack down on shell companies’ laundering of illicit funds that then are used to pay for global criminal activity, Treasury officials say.
About 32 million current entities …
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