New Treasury Rule on Beneficial Ownership Fails to Ensure that Beneficial Owners Are Identified

GFI Calls on Congress to Take Action to Ensure that Beneficial Owners are Actually Identified at the Time of Company Formation                 

The U.S. Departments of Treasury and Justice announced a raft of measures and proposals to address critical vulnerabilities in the U.S. financial system on May 5th, following actions taken by other countries in response to the Panama Papers disclosures. GFI welcomes the introduction of these measures after a four year process but urges Treasury and Justice to fix serious gaps in the requirements for identifying the beneficial owners of companies.