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The Trump administration has finalized a rule that will allow shell companies and other questionable entities to conceal their ownership from federal investigators, in a move that critics say will only further facilitate corruption in the U.S.

The Treasury Department’s Financial Crimes Enforcement Network announced on Tuesday that it is ending the regulation that requires companies to disclose beneficial ownership. This refers to situations in which a person actually controls and benefits from a company, but legal documents list the company under a different name, like a bank or accountant.

Treasury Secretary Scott Bessent said the reporting requirements were “red tape” and “burdensome,” and said the repeal will help small business owners. However, critics have lambasted the rule as paving the way for a host of financial crimes and a gift to wealthy Americans.

The new rule “serves only one purpose: to make corruption easier to conceal,” said Casey Michel, corruption expert and senior nonresident fellow for the Center for International Policy.

“The only people celebrating the move are ultra-wealthy Americans and kleptocratic........

© Truthout