News

When the Treasury Department's beneficial ownership registry goes online, the U.S. will finally begin shedding its reputation as a haven for shell companies, banks will have a sophisticated new tool to vet their corporate clients and federal investigators will stand a better chance of identifying criminals hiding assets behind the corporate veil. That's the hope, at least. In reality, it's too soon to tell if the registry will prove effective. Treasury's Financial Crimes Enforcement Network, or FinCEN, has yet to explain how it will ensure that the data it plans to obtain from the estimated 30 million partnerships, limited liability...