In remarks before the House Financial Services Committee, FinCEN Acting Director Him Das outlined a number of the Bureau’s top priorities, including effectively implementing the CTA by ensuring “efficient access” to beneficial ownership information collected under the law for authorized users, and effectively verifying that information.
The legislation – expected to pass through the Australian Parliament this year – represents the first public country-by-country reporting regime with global reach to be advanced by any major jurisdiction.
The FACT Coalition and a diverse group of civil society organizations are calling for the timely appointment of a permanent director to lead the Financial Crimes Enforcement Network, a bureau of the U.S. Treasury Department responsible for setting national anti-money laundering standards and serving as the country’s financial intelligence unit.
The proposed form allows reporting entities to report “unable to obtain” or “unknown” with respect to most relevant details regarding a given beneficial owner’s identity – including whether the company is even able to identify its beneficial owners in the first place.
The Biden Administration’s budget for fiscal year 2024 includes a much-needed 20 percent increase in funding for the Financial Crimes Enforcement Network. The big question now is whether Congress will deliver.
There’s no better way to show U.S. support for Ukraine than by doing the hard, long-term work here at home to make sure the strength of the U.S. economy doesn’t benefit Putin and his cronies abroad.
