Millions of US companies no longer have to report who actually owns them

The US Treasury just removed a rule that required millions of US companies to report their true owners. This means most businesses formed in the US no longer have to tell the government who actually controls them.

The Corporate Transparency Act was supposed to make it harder for criminals to hide money through shell companies. This new rule removes that requirement for most US-based businesses. It means the US will continue to be a place where it is easy to hide who actually owns a company.