Image: Billionaire businessman Elon Musk prepares to give $1,000,000 to a Wisconsin voter during a town hall meeting he was hosting at the KI Convention Center on March 30, 2025 in Green Bay, Wisconsin.  (Photo by Scott Olson/Getty Images)

Stephen Prager of Common Dreams reports: “Critics are warning that the Trump administration just made financial crimes a lot easier to commit by permanently gutting a law that prevented criminals from using shell companies to obscure their activities. Elon Musk may benefit.

On Tuesday, the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently exempting US individuals and companies from a section of the Corporate Transparency Act (CTA) requiring them to identify the true owners of opaque companies.

The law, which passed in 2020, was ironically introduced and championed by then-US Senator Marco Rubio (R-Fla.), who is now President Donald Trump’s secretary of state and national security adviser.

At the time, Rubio called the law—which he introduced with Sens. Ron Wyden (D-Ore.) and Sheldon Whitehouse (D-RI)—“the most significant anti-corruption and money laundering law in decades.”

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