Editing Shell corporation (section)

=== United States ===
The new customer due diligence (CDD) rule from 2016 requires that banks know the identities of beneficial owners of legal entity customers, enabling them to disclose this information to law enforcement agencies, thus aiding in the identification true business owners and their tax liabilities. Thereby, the rule aims to prevent the anonymous misuse of shell companies. The rule is administered by the [[Financial Crimes Enforcement Network]] (FinCEN).<ref>{{Cite news|url=https://www.federalregister.gov/documents/2016/05/11/2016-10567/customer-due-diligence-requirements-for-financial-institutions|title=Customer Due Diligence Requirements for Financial Institutions|date=2016-05-11|work=Federal Register|access-date=2018-06-10|publisher=Financial Crimes Enforcement Network (FinCEN)}}</ref> In January 2021, anonymous shell companies were effectively banned via a provision in the [[William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021]].<ref>{{Cite web|last=Kirby|first=Jen|date=2020-12-21|title=The US has made its biggest anti-money-laundering changes in years|url=https://www.vox.com/22188223/congress-anti-money-laundering-anonymous-shell-companies-ban-defense-bill|access-date=2021-01-06|website=Vox|language=en}}</ref> In 2025 however the US Treasury department announced it would not enforce this law, and thus shell companies would not be required to follow the law requiring they disclose their owners and beneficiaries.<ref>{{cite news|url=https://www.icij.org/inside-icij/2025/03/treasury-department-wont-enforce-beneficial-ownership-rule-under-the-corporate-transparency-act/|title=Treasury Department won't enforce beneficial ownership rule under the Corporate Transparency Act|date=2025-03-05|publisher=International Consortium of Investigative Journalists}}</ref> On March 21, 2025, FinCEN announced an interim final rule removing the reporting requirement for domestic businesses.<ref>{{Cite web |date=2025-03-21 |title=FinCEN.gov |url=https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us |access-date=2025-05-16 |website=FinCEN.gov |language=en}}</ref>