READ THE TWEET.
It doesn’t just say that they will no longer collect this information.
THEY ARE GOING TO DELETE THE DATABASE CONTAINING THE INFORMATION ALREADY COLLECTED.
Treasury Department
@USTreasury
Aug 11
Today, @FinCENnews issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information. FinCEN today also announced that it will delete previously reported information by U.S. persons .
…………………………………….
Tom Malinowski
@Malinowski
18hI helped pass this law in 2020. It’s purpose is to prevent drug traffickers, Russian & Chinese kleptocrats, and other international criminals from setting up anonymously owned companies to hide their money in the US. Trump’s Treasury Dept. is doing this to help criminals. 1/
Tom Malinowski
@Malinowski
18h“Beneficial ownership information” is just a record of who actually owns a company. That’s all that was being reported here, so that we didn’t have LLCs in Delaware laundering millions of dollars through the US and into offshore banks on behalf of totally anonymous people. 2/
Tom Malinowski
@Malinowski
18hTreasury deleting the beneficial ownership info it already gathered is utterly crazy. This database was not public — it was just for law enforcement to use in investigating crimes. It’s like Trump ordering the deletion of the FBI’s fingerprint database. 3/
Tom Malinowski
@Malinowski
18hWhy is the Trump administration doing this? I don’t know. But it’s certainly good news for rich Russians who want to buy his condos, or Gulf royals buying his fake crypto. The true identities of people he’s done business with, if registered with Treasury, will now be deleted. 4/
Tom Malinowski
@MalinowskiLast but not least, this is totally illegal!
Congress passed a law — with strong Republican support BTW — saying Treasury had to collect and keep beneficial ownership info. The Trump administration cannot say “we’re just not going to do it.” 5/
9:51 PM · Aug 11, 2026
https://x.com/Malinowski/status/2087371265610760435Tom Malinowski
@Malinowski
18hThis will find its way to court. It will be struck down.
But the deletion of data currently available to law enforcement may be irreversible.
It’s one of the most lawless and corrupt things this administration has done, and that’s saying a lot.




















































