{"id":2521,"date":"2026-08-14T04:40:39","date_gmt":"2026-08-14T04:40:39","guid":{"rendered":"https:\/\/modernhomejournals.com\/?p=2521"},"modified":"2026-08-14T04:40:39","modified_gmt":"2026-08-14T04:40:39","slug":"how-trump-came-to-gut-a-once-popular-tool-to-track-financial-crimes","status":"publish","type":"post","link":"https:\/\/modernhomejournals.com\/?p=2521","title":{"rendered":"How Trump Came to Gut a Once-Popular Tool to Track Financial Crimes"},"content":{"rendered":"<div>\n<div>\n<\/div>\n<div>\n<p>The idea that the United States government should know who owns every company was once a very popular one.<\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2517\">The U.S. Surveilled Left-Leaning Groups During Immigration Crackdown in Minnesota<\/a><\/p><p>A 2021 law that created a tool to track bad actors financing terrorism, paying bribes and hiding from the U.S. government passed with overwhelming bipartisan support. Then-Sen. Marco Rubio, who sponsored the proposal twice, <span><u>called<\/u><\/span> it \u201cthe most significant anti-corruption &amp; money laundering law in decades\u201d and  Treasury Department to enforce the data collection as recently as 2023.<\/p>\n<p>Six years in, the project is now all but dead, and the political consensus that led to the law\u2019s creation has collapsed, leaving a major gap in the government\u2019s ability to investigate financial crimes.<\/p><p>On Wednesday, the Treasury Department axed this requirement that most companies operating in the United States have to report who owns them \u2014 even shell companies, which can be used to hide their owners for the sake of illicit finance. The Trump administration also intends to delete all the information the government has already collected.<\/p>\n<section>\n<div>\n<h2>\n<span>Trending<\/span>\n<\/h2>\n<\/div>\n<div>\n<div>\n<ul>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-large\">\n<figure class=\"wp-block-image size-medium_large\"><img loading=\"lazy\" decoding=\"async\" alt=\"Trump Kennedy Center\" class=\"wp-image-2506\" height=\"519\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3e3a928f8a54df64abe0be37241331fb-768x519.jpg\" width=\"768\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3e3a928f8a54df64abe0be37241331fb-768x519.jpg 768w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3e3a928f8a54df64abe0be37241331fb-300x203.jpg 300w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3e3a928f8a54df64abe0be37241331fb.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      Kennedy Center Board Votes to Carve Trump\u2019s Name Into the Building\u2019s Marble Facade\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-full\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"Ned's Club\" class=\"wp-image-2500\" height=\"5300\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/a01c4829503defeef4bbf3e9ed38f6df.jpg\" width=\"7950\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/a01c4829503defeef4bbf3e9ed38f6df.jpg 7950w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/a01c4829503defeef4bbf3e9ed38f6df-300x200.jpg 300w\" sizes=\"auto, (max-width: 7950px) 100vw, 7950px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      Ned\u2019s Club Is Buzzy, Exclusive \u2014 And a Work in Progress\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-large\">\n<figure class=\"wp-block-image size-medium_large\"><img loading=\"lazy\" decoding=\"async\" alt=\"034087E9-40F6-4854-A47A-19AB38F1B566_1_201_a-2 copy.jpg\" class=\"wp-image-2443\" height=\"432\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/9884e4e9d963b6b9836c6ff7aca8c4ab-768x432.jpg\" width=\"768\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/9884e4e9d963b6b9836c6ff7aca8c4ab-768x432.jpg 768w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/9884e4e9d963b6b9836c6ff7aca8c4ab-300x169.jpg 300w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/9884e4e9d963b6b9836c6ff7aca8c4ab.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      No ID, No Money, No Way Out: DHS Deports a Man to a Country He Doesn\u2019t Know\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-large\">\n<figure class=\"wp-block-image size-medium_large\"><img loading=\"lazy\" decoding=\"async\" alt=\"Immigration Enforcement Minnesota\" class=\"wp-image-2520\" height=\"512\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/5eb1b56ac98d75c25d720e6b984146e4-768x512.jpg\" width=\"768\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/5eb1b56ac98d75c25d720e6b984146e4-768x512.jpg 768w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/5eb1b56ac98d75c25d720e6b984146e4-300x200.jpg 300w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/5eb1b56ac98d75c25d720e6b984146e4.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      The U.S. Surveilled Left-Leaning Groups During Immigration Crackdown in Minnesota\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/section>\n<p>The administration\u2019s move to unravel these reporting requirements \u2014 even though the law technically remains in place \u2014 comes after a years-long lobbying effort from small businesses worried about compliance.<\/p><p>The Biden administration\u2019s early implementation of the data collection rules was so unpopular with small businesses that bipartisan support had begun to crumble before President Donald Trump retook office.<\/p><p>Staff at the Treasury\u2019s Financial Crimes Enforcement Network, or FinCEN, found themselves overstretched and underfunded as they met with countless small business owners across the country to try to assure them that reporting ownership would not be a burden.<\/p><p>\u201cI did so many meetings with small businesses, so many meetings. I think that anxiety was real,\u201d said Brian Nelson, who served as the under secretary for terrorism and financial intelligence at the Treasury during the Biden administration. \u201cLawmakers across the country were hearing from small businesses anxious about this requirement and how they were going to be able to meet it.\u201d<\/p>\n<p>Republican lawmakers were also targeted by small business groups like the National Federation of Independent Business, which as recently as June <span><u>was running ads<\/u><\/span> in the districts of members of Congress who have not publicly advocated for the reporting rule to be repealed.<\/p><p>By the time the Trump administration first suspended collecting ownership information for U.S. companies last year, many of the rule\u2019s original advocates had switched sides.<\/p><p>There\u2019s still some bipartisan support behind the transparency requirement. The Trump administration\u2019s change prompted an immediate outcry from corporate transparency groups and the law\u2019s remaining supporters in Congress.<\/p><p>Sen. Chuck Grassley (R-Iowa) and Sen. Sheldon Whitehouse (D-Rhode Island) put out a joint statement Thursday saying that the deletion of the data violates Congress\u2019 intent and will make it more difficult to combat illicit financing. The final rule rolling back the reporting requirements \u201cundermines the clear intent of the law,\u201d they said in a statement.<\/p><p>\u201cThis is an abject failure of the executive branch to fulfill the will of Congress,\u201d said Erica Hanichak, the co-director of The FACT Coalition, a group that advocates for corporate transparency reforms. \u201cSo there are certainly grounds for a legal challenge.\u201d<\/p><p>Treasury Secretary Scott Bessent called the decision \u201ca victory for common sense\u201d that cuts away burdensome red tape on American small businesses. Treasury argued in the final rule implementing the change that focusing the collection on foreign entities would help it create a useful database without overwhelming small businesses.<\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2515\">Ned\u2019s Club Is Buzzy, Exclusive \u2014 And a Work in Progress<\/a><\/p>\n<p>Rubio, now the secretary of state, supports \u201cTreasury fulfilling President Trump\u2019s promise to cut red tape,\u201d the State Department said in a statement.<\/p><p>This change, however, is expected to make it more difficult for law enforcement to root out bad actors hiding behind shell companies, even as the Trump administration says that combatting fraud is a top priority.<\/p><p>Shell companies have long been used by bad actors for illicit finance. By the Treasury Department\u2019s own , they\u2019ve been used in recent years to evade sanctions, pay and get bribes, defraud health care programs and launder the proceeds of drug trafficking, cybercrime and fraud.<\/p><p>\u201cIt does seem quite hypocritical to be putting the fraud-prevention flag out there and saying this is one of your top priorities for your administration, but you\u2019ve just taken away a tool that the financial crime community desperately needed to be able to fight this particular type of financial crime and fraud,\u201d Linda Miller, president of the government-integrity-focused Program Integrity Alliance who previously worked at the Government Accountability Office for a decade, told NOTUS.<\/p><p>The GAO <span><u>warned<\/u><\/span> just months ago that the Trump administration\u2019s change \u201cmay perpetuate the illicit finance risk posed by shell companies.\u201d<\/p><p>Treasury said it did not agree with the watchdog\u2019s recommendation to find alternative ways to address these risks. Instead, the department insisted to the GAO that it \u201cappropriately focuses its resources on the highest-value national security priorities.\u201d<\/p>\n<p>\u201cReasonable people could disagree about whether creating one gigantic [Treasury] database was the right approach here,\u201d Miller said.<\/p><p>\u201cThe open question here is, what are you going to do about all these businesses that we have no idea who owns them, and how many of them may be engaging in terrorist financing activity, human trafficking, drug smuggling, financial crime, fraud?\u201d she asked. \u201cWhat are you going to do now? If that was too onerous, what are you going to do about this problem?\u201d<\/p><p>Now, fraud investigators that had anticipated the new data will have to find ownership information by looking at other sources like state-level data, interviews, commercial databases and court filings \u2014 which may be more labor intensive, Donna Pelham, an educational content director at the Association of Certified Fraud Examiners, said.<\/p><p>The central repository was \u201canother tool in the toolbox,\u201d she said. \u201cThis one happens to be one that the government doesn\u2019t want to use.\u201d<\/p><p>Treasury itself had previously  the lack of transparency around who owns businesses the United States\u2019 \u201cmost significant and longstanding gap\u201d in its work combatting money laundering and terrorism financing. The removal of the reporting requirements follows the resignation of FinCEN\u2019s head, Andrea Gacki, who had been in the government for 25 years.<\/p><p>\u201cAt the end of the day, a little bit of transparency is a small price to pay for the benefits that businesses are afforded by incorporating in the U.S.,\u201d Hanichak said.<\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2513\">Kennedy Center Board Votes to Carve Trump\u2019s Name Into the Building\u2019s Marble Facade<\/a><\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A broad coalition of support has collapsed for a tool that the Treasury recently deemed essential for rooting out fraud, money laundering and other illicit activity.<\/p>\n","protected":false},"author":1,"featured_media":2518,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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JANUARY 7: Scott Bessent, President-elect Donald Trump's nominee for Treasury secretary, meets with Sen. John Cornyn, R-Texas, right, in Hart building on Tuesday, January 7, 2025. 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JANUARY 7: Scott Bessent, President-elect Donald Trump's nominee for Treasury secretary, meets with Sen. John Cornyn, R-Texas, right, in Hart building on Tuesday, January 7, 2025. 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