US Treasury’s Gift to Money Launderers and Tax Cheats

Under the guise of lifting regulatory burdens on small business, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) just threw open the door to dark web fentanyl pushers, human traffickers, crypto money launderers, and tax cheats.

On August 11, 2026, Treasury nixed a requirement that companies report the names of their beneficial owners—the individuals and entities who are in actual control of the companies and raking in the profits. That information is critical to exposing shell companies hiding assets and washing dirty money. As former CIA intelligence officer and Treasury Special Agent John Cassara told a House Committee hearing, “once the money is layered and integrated into the economy, we don’t know who owns that shopping center, who owns that yacht, who owns that property.”

Might they be campaign donors?

Making matters worse, the new rule doesn't just cut off future reporting—it mandates the destruction of all registry data previously collected under the Corporate Transparency Act.

Gotta wonder who’s named in those reports.