Yellen says 100,000 firms have joined a business database aimed at unmasking shell company owners

abcnews.go.com:

Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database of that collects ownership information intended to help unmask shell company owners

VIENNA, Va. — Treasury Secretary Janet Yellen announced that 100,000 businesses have joined a new database that collects “beneficial ownership” information on firms as part of a new government effort to unmask shell company owners.

Yellen said in remarks Monday that the new Treasury database that is collecting beneficial ownership information sends the message that «the United States is not a haven for dirty money.”

Yellen visited Treasury's Financial Crimes Enforcement Network — known as FinCEN— in Vienna, Virginia to discuss the launch of the database with the new year. She also spoke about upcoming real estate rules meant to increase transparency about the people and companies buying up property in the U.S.

The Virginia visit is meant to showcase the Biden administration's intent to increase corporate transparency and prevent the misuse of shell companies.

“Around the world, lack of transparency, specifically due to opaque corporate structures, makes it easier to conceal illicit activity,» Yellen said during her visit to FinCEN headquarters. “Information on beneficial ownership will support our law enforcement colleagues in making arrests, prosecuting offenders, and seizing ill-gotten assets."

In 2021, the bipartisan Corporate Transparency Act was signed into law, giving Treasury the authority to write new rules on beneficial ownership. And as of Jan. 1, most U.S. firms must report identifying information about who directly or indirectly owns or controls them.

The rule requires most American businesses with fewer than 20