August 12, 2026 – In response to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information, Center for International Policy Senior Nonresident Fellow Casey Michel issued the following statement:
“The creation of the US’s beneficial ownership registry was an important step forward in the effort to combat corruption and strengthen democracy. The Trump administration’s decision to shut down this registry is a disaster for those efforts. It serves only one purpose: to make corruption easier to conceal. The only people celebrating the move are ultra-wealthy Americans and kleptocratic regimes around the world who use anonymous shell companies to squirrel away their money, hiding their ill-gotten gains from public accountability. The move will only increase corruption in the US, and further transform US politics into a pay-to-play racket in which the wealthy few benefit at the expense of the rest of us.”
