WASHINGTON: The US Treasury on Thursday unveiled new rules that will require firms doing business in the country to disclose their ownership, a move designed to crack down on corruption, money laundering and tax evasion by shell companies.

The tougher requirements will apply to firms backed by Russian oligarchs that have tried to evade sanctions imposed over the invasion of Ukraine, Treasury said in a statement.

“For too long, it has been far too easy for criminals, Russian oligarchs, and other bad actors to fund their illicit activity by hiding and moving money through anonymous shell companies and other corporate structures right here in the United States,” said Himamauli Das, acting director of Treasury’s Financial Crimes Enforcement Network (FinCEN).

“This final rule is a significant step forward in our efforts to support national security, intelligence, and law enforcement agencies in their work to curb illicit activities.”