U.S. Department of the Treasury in Washington, D.C. Photo: Diego M. Radzinschi/ALM U.S. Department of the Treasury in Washington, D.C. Photo: Diego M. Radzinschi/ALM

Tens of millions of small U.S. companies will be required to provide the government with details on their owners and others who benefit from them under a finalized regulation that’s intended to peel back the layers of ownership that can hide unlawfully obtained assets.

The Treasury Department said it is moving to create a database that will contain personal information on the owners of at least 32 million U.S. businesses as part of an effort to combat illicit finance. Treasury officials said the new rule represents a sea change in the world of corporate transparency.

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