Grassley, Whitehouse blast Treasury decision on FinCEN
Summary
Senators Chuck Grassley and Sheldon Whitehouse criticized the Treasury Department for deciding to exempt 99 percent of companies from reporting their true owners to FinCEN, the government agency that fights financial crimes. They said this new rule, made public on Tuesday, weakens efforts to track hidden ownership and prevent illegal activities.Key Facts
- Senators Grassley (Republican) and Whitehouse (Democrat) issued a joint statement on Thursday.
- The Treasury Department exempted 99 percent of entities from reporting their beneficial owners.
- Beneficial owners are the real people who control or benefit from a company.
- The rule applies to FinCEN, a Treasury agency that fights financial crimes like money laundering.
- The new rule was published on Tuesday.
- The senators say the change reduces transparency about who owns companies.
- They believe this could make it harder to stop illegal financial activities.
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