The agency says such access would support efforts to crack down on illicit activity from sanctioned oligarchs as well as money laundering and tax avoidance schemes.

The proposal follows last year's passage of the Corporate Transparency Act, which requires certain companies to directly report their beneficial ownership information to FinCEN.

If finalized, FinCEN would be able to disclose that beneficial ownership information to federal agencies working in national security, intelligence or law enforcement.

Officials would have to justify to FinCEN their reason for wanting the reported information on shell companies, and once approved would be able to directly access the government database.

FinCEN is also proposing that financial institutions be allowed to access certain beneficial ownership information to fulfill customer due diligence requirements, but only if the reporting company agrees.

Instead of being granted direct access to the database, banks would only have access to identifying information specific to a certain business.

The agency is accepting public comment on the proposal for 60 days after it is published in the Federal Register.