US makes corporate transparency commitment with 20 nations

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen announced America’s commitment to enhancing corporate transparency along with some 20 other countries participating in this week’s Summit for Democracy. While the Biden administration is already pursuing regulations to establish a new database on small business ownership, the commitment announced Tuesday promises to maintain that database and ensure that law enforcement will have access to the registry, and that individuals’ personal data will be protected. The registry will contain personal information on the owners of at least 32 million U.S. businesses in an effort to combat corruption. The U.S. is making the push in part in an effort to more easily identify wealthy Russians who are accused of hiding stolen money and assets in the United States.