Trump administration rolls back rules that exposed foreign money laundering in U.S. real estate

The Treasury Department, under Scott Bessent, announced a rule that ends the reporting of beneficial ownership for corporations and LLCs, and directs FinCEN to erase existing ownership data on U.S. individuals, including Donald Trump and his offspring. This reversal undermines the Corporate Transparency Act, which was designed to reveal the true controllers behind shell companies often used to launder foreign money through U.S. real estate.

The change arrives amid accusations that the Trump Organization has long relied on opaque Russian and other overseas capital, with past fines and lawsuits highlighting possible violations. At the same time, the Federal Election Commission remains unable to enforce foreign-contribution bans due to a lack of quorum, further limiting oversight of illicit political spending. Critics argue the administration is dismantling the very tools needed to trace and prosecute money-laundering and foreign influence operations, potentially opening the door for sanctioned oligarchs to funnel funds into American politics.