Good if it works

The Treasury Department on Tuesday proposed rules meant to snuff out money laundering through the use of anonymously owned businesses.

The department’s Financial Crimes Enforcement Network (FinCEN) issued a proposed set of regulations that would force the controlling owners of a wide range of companies to register themselves with the federal government. The rules are meant to prevent individuals from using shell companies and other opaque corporate structures to evade taxes and international finance laws.

[...]

Not all U.S. states and territories require beneficial ownership information when a business is registered, which experts say can help facilitate money laundering and other financial crimes.

Under the proposed rules, certain domestic and foreign companies would be forced to disclose any individual who “exercises substantial control” over the firm, or owns or controls at least 25 percent of the firm’s ownership interests. Beneficial owners would be required to disclose their name, date of birth, a current address and a state identification number.

[...]

The proposal is open for public comment until Feb. 7. FinCEN did not specify when the rules would take effect.

[...]

Publicly traded companies — which are already subject to Securities and Exchange Commission transparency rules — are not covered by the regulations. Businesses based in the U.S. with more than 20 employees, a physical office and at least $5 million gross revenue are also exempted from the regulations, along with a wide range of limited partnerships and trusts.

[...]

The rules are the latest step the Treasury Department has taken to implement the Corporate Transparency Act, which was included in a major defense policy bill signed by former President Trump in 2020.

  The Hill

I'd bet my life he didn't know that was in the bill.

...but hey, do what you want...you will anyway.