Secretary Yellen outlines upcoming AML initiatives, U.S. commits to verification of data collected under the Corporate Transparency Act, and FinCEN gets ready to revise and reissue a controversial beneficial ownership information intake form.
Read FACT Executive Director Ian Gary’s new op-ed in the Hill Opinion on the need for the Biden Administration to strengthen the U.S. anti-money laundering framework ahead of the Summit for Democracy.
FACT Executive Director Ian Gary is cited in coverage by the Associated Press of new U.S. multilateral commitments surrounding beneficial ownership transparency, including the commitment to verify information collected under the Corporate Transparency Act.
Implementation of the Corporate Transparency Act is under serious threat, FACT calls on Treasury to nominate permanent leadership at FinCEN, and Canada introduces long awaited legislation to create a publicly-accessible federal beneficial ownership registry.
In coverage for the Wall Street Journal, Dylan Tokar cites mounting criticism of Treasury’s implementation of the Corporate Transparency Act from FACT, banking groups, and prominent U.S. lawmakers.
Isabel Gottlieb of Bloomberg Tax quotes FACT’s comments to Treasury regarding a draft form to implement the Corporate Transparency Act which would effectively create “an optional reporting regime.”
