Aug 11 (Reuters) - The Trump administration on Tuesday finalized a rule exempting U.S. companies and individuals from ‌reporting beneficial ownership information to the Treasury Department's financial ‌crimes unit, rolling back reporting requirements established under a 2021 law aimed at combating illicit finance.
The Treasury Department's Financial Crimes Enforcement Network, or FinCEN, will still require foreign reporting companies to disclose beneficial ownership information for foreign individuals, the department said in a ‌statement.
"Treasury is eliminating a ⁠burdensome reporting requirement for millions of law-abiding business owners without compromising our national security," Treasury ⁠Secretary Scott Bessent said in the statement.
Beneficial owners are defined as anyone who has an ownership interest of at least 25% in a business or someone who exerts "substantial control" over the entity.
FinCEN ‌had previously implemented rules requiring certain companies to report beneficial ownership data as part of anti-corruption and anti-money laundering efforts backed by lawmakers and the Treasury Department under former President Joe Biden.

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