Treasury Department repeals reporting rule for businesses - UPI.com

U.S. Secretary of the Treasury Scott Bessent (R) is shown with Secretary of State Marco Rubio during a meeting in July in the Oval Office of the White House in Washington, D.C. The Treasury Department has repealed a business reported rule that was connected to the Corporate Transparency Act. Photo by Graeme Sloan/UPI | License Photo

Aug. 12 (UPI) -- The U.S. Treasury Department has officially repealed a rule that required U.S. companies and individuals to report "beneficial ownership information" to the department.

The Financial Crimes Enforcement Network bureau of the Treasury Department -- which is meant to safeguard the U.S. financial system from illegal activity, work against money laundering and terrorism financing and help with national security -- issued a final rule Tuesday that permanently removes the requirement. The reporting rule existed in connection with the Corporate Transparency Act.

The network, called FinCEN, also announced that it would delete all previously reported information from its databases.

Treasury Secretary Scott Bessent called it "a victory for common sense" and said that it eliminates a "burdensome reporting requirement." An interim final rule has been in place since March 2025.