; or (xviii) any business concern or class of business concerns that the Secretary of the Treasury, with the written concurrence of the Attorney General and the Secretary of Homeland Security, has determined should be exempt from the requirements of subsection (a) because requiring beneficial ownership information from the business concern or class of business concerns would not serve the public interest and would not assist law enforcement efforts to detect, prevent, or punish terrorism, money laundering, tax evasion, or other misconduct. (7) State The term State means any State, commonwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, or the United States Virgin Islands. (8) Substantial economic benefits (A) In general For the purposes of this section, a person receives substantial economic benefits from an entity if the person has access to 25 percent or more of the funds and assets of the entity. (B) Rulemaking The Secretary of the Treasury shall seek to provide clarity to entities with respect to the identification and disclosure of an individual who receives substantial economic benefits from the funds and assets of an entity. (9) Unique identifying number The term unique identifying number with respect to a natural person or a limited liability company with a sole member means the unique identifying number from a nonexpired passport issued by the United States, a nonexpired personal identification card, or a nonexpired driver’s license issued by a State. (b) Beneficial ownership reporting (1) Reporting (A) In general In accordance with regulations prescribed by the Secretary of the Treasury, each reporting company shall submit to FinCEN a report that contains the information described in paragraph (2). (B) Reporting of existing entities In accordance with regulations prescribed by the Secretary of the Treasury, any reporting company that has been formed under the laws of a