US Treasury proposes new disclosures to fight corruption

WASHINGTON (AP) – The U.S. Treasury Department is proposing a new disclosure rule as part of efforts to combat corruption and terrorism.

The proposal requires companies to identify who owns or controls their operations. As of now, many companies only need to disclose who formed the enterprise.

Treasury Secretary Janet Yellen says the proposal will “help close the loopholes that undermine U.S. national security, bolster economic fairness, and protect the integrity of our financial system.”

The Treasury Department estimates that compliance costs would average $50 a company.