WASHINGTON (AP) — The U.S. Treasury Department is proposing a new disclosure rule as part of efforts to combat corruption and terrorism. The proposal requires companies to identify who owns or controls their operations. As of now, many companies only need to disclose who formed the enterprise. Treasury Secretary Janet Yellen says the proposal will “help close the loopholes that undermine U.S. national security, bolster economic fairness, and protect the integrity of our financial system.” The Treasury Department estimates that compliance costs would average $50 a company. There will be a 60-day comment period on the proposed rule.
BE PART OF THE CONVERSATION
News Channel 3 is committed to providing a forum for civil and constructive conversation.
Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here
If you would like to share a story idea, please submit it here.