The Treasury Department proposed rules Tuesday intended to deter money laundering through the use of shell companies.

The Treasury’s Financial Crime Enforcement Network (FinCEN) announced that it was considering a new rule that requires a wider range of companies to provide details on their investors. If enacted, FinCEN would be able to force companies and limited liability partnerships to provide information on individuals who own or control at least 25% of the entity or anyone who carries “substantial control” at the business.

Those setting up shell companies would then be forced to share owners’ names, birthdates, addresses and other identifying documents with the agency. Companies created prior to the rule would be permitted one year to come into compliance once it is finalized.

“Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market,” said Himamauli Das, acting director of FinCEN.

“Addressing this risk will strengthen U.S. national security and help protect the integrity of the U.S. financial system. We urge stakeholders to provide input to assist us in developing an approach that enhances transparency while minimizing burden on business.”

There has been increased pressure to crack down on financial corruption. The Paradise Papers leak from September revealed that U.S. jurisdictions like South Dakota and Delaware are among the world’s biggest tax havens given the ease of setting up a shell company in each state.

In October, a bipartisan group of lawmakers introduced a new bill that would target the “financial enablers” of corruption that include law firms, investment advisers, accountants, art dealers, and public relations firms to conduct a basic set of due diligence requirements before any transaction with a foreign entity.

These new rules arrive only two days before President Joe Biden and the State Department convene a two-day summit that is aimed at sharing best practices for protecting democracy.

The two-day virtual event will gather officials from around the globe to renew commitments to democracy while assailing public corruption as a threat to democratic governments worldwide.

The summit will invite close to 100 nations to attend, but excludes authoritarian rivals like Russia and China, as well as troubled democracies such as Turkey and Hungary.