FinCEN issued a final rule permanently narrowing CTA reporting requirements, exempting domestic shell companies from beneficial ownership reporting. The rule adopts March 2025 interim changes and additionally exempts foreign companies from reporting U.S.-based individuals who help them register to do business.
Treasury Secretary Bessent called it “a victory for common sense and American small businesses.” Critics, including Sen. Elizabeth Warren (D-Mass.), condemned the rollback as “a gift to cartels, criminals, and U.S. adversaries.”
FinCEN press release: https://www.fincen.gov/news/news-releases/fincen-permanently-ends-beneficial-ownership-reporting-requirements-millions