White House Backs Beneficial Ownership Rules in Transnational Crime Strategy

By Brian Monroe and Colby Adams

The White House is throwing its support behind legislation that would require U.S. companies to better identify their beneficial owners as part of a strategy to thwart international crime groups. Congress should enact legislation that would require legal entities to disclose the information at the time of formation in "order to enhance transparency for law enforcement and other purposes," according to the Obama administration's "Strategy to Combat Transnational Organized Crime," published Monday. The strategy separately proposed increasing data sharing with private companies and more regularly invoking a U.S. Patriot Act power that allows the Treasury Department to designate foreign banks...