Trump Delivers a Win for Crooks
The Treasury has made the American economy a safe space for corruption.
Donald Trump's administration has dealt a significant blow to anti-corruption efforts by repealing a key rule designed to combat the use of anonymous shell companies in the United States. The Financial Crimes Enforcement Network (FinCEN), a division of the Department of the Treasury, announced on Tuesday that businesses formed in the U.S. would no longer be required to disclose their actual owners, effectively undoing years of progress in curbing financial corruption.
This move has been hailed as a victory for common sense and American small businesses by Treasury Secretary Scott Bessent, but critics argue it opens the door for wealthy individuals and foreign entities to hide their illicit wealth and influence American politics. The Corporate Transparency Act, which took effect in 2024, required corporate owners to disclose their control information, but the Trump administration has now destroyed nearly all the data gathered under this law.
This decision has been criticized as providing a new shelter for corrupt individuals and enabling them to launder money undetected. The administration's actions have been seen as part of a broader effort to dismantle America's anti-corruption infrastructure, with the president and his administration working to weaken task forces dedicated to combating financial crimes and tax evasion.
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