The Washington Post
Business Context

National Defense Authorization Act for Fiscal Year 2021

Updated Dec 15, 2020 at 12:06 PM EST

Included in this annual defense-spending bill is a provision that puts an end to anonymous shell companies in the United States. It requires new and existing corporations and LLCs to disclose their real owners to the Treasury Department, or risk fines and criminal penalties. Anti-corruption campaigners spent years pushing for the measure as a way to crack down on money laundering and other crimes. In one setback for those campaigners, the ownership data will not be made public. The Treasury Department will disclose it only to law-enforcement officials, banks and allied nations needing the information to pursue corruption investigations.

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Text of the National Defense Authorization Act for FY 2021