US: ‘Blatantly Pro-Corruption’: Trump Guts Anti-Money Laundering Rule

The Trump administration has gutted a key anti-corruption tool meant to combat illicit finance through opaque shell companies. The rollback protects donors who use shell companies to conceal their identities or make illegal political contributions. Last Friday, the Financial Crimes Enforcement Network (FinCEN)—a Treasury Department office—issued an interim final rule scaling back the Corporate Transparency Act (CTA), a 2021 law designed to force companies to report the people behind them, also known as their “beneficial owners,” to the government. Under the rollback, only foreign companies doing business in the U.S. will have to comply, while domestic companies will get a free pass.

Passed on a bipartisan basis as part of the 2021 National Defense Authorization Act, the CTA was an attempt to pierce the veil of secrecy that surrounds shell companies such as LLCs that exist only on paper in order to obscure the flow of funds. The law took effect last year, forcing companies to report their owners’ personal information, but a federal court in Texas issued a nationwide injunction in December that halted its enforcement and compliance dates. Now, the Trump administration finished the job by effectively gutting it. The Treasury Department claims that the move was necessary to protect small businesses from having to comply with burdensome reporting requirements.

Without ownership data, law enforcement can’t spot if an unknown LLC dropping millions into a super PAC is legit or a straw donor masking banned contributors like foreign firms or government contractors.

6 March 2024

CHINA: Chinese Investors Rush Abroad, Hitting Outbound Investment Limit

Chinese money is pouring into funds invested in offshore assets at breakneck speed, butting up against outbound investment limits and complicating Beijing’s efforts to revive domestic markets

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11 October 2024

HONG KONG: Hong Kong to issue more crypto exchange licenses by year-end

Hong Kong’s Securities Futures Commission (SFC) plans to issue more licenses to crypto exchanges and digital asset firms operating in the region by the end of 2024. SFC CEO Julia Leung stated that

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14 March 2024

US: US Treasury Working Towards A More Equitable Tax System In Crypto

US Treasury once again proposes new crypto tax rules to “modernize” code. In an effort to keep pace with the rapidly evolving digital currency landscape, the US Treasury has once again put forth

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10 January 2025

CAREY OLSEN: Carey Olsen maintains status as leading TISE listing agent for ninth consecutive year

Press Release from Carey Olsen, Friday 10 January, 2025. Carey Olsen Corporate Finance Limited (“COCFL”) has been confirmed as the leading listing agent on The International Stock Exchange

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