While Australia’s revised public country-by-country reporting draft legislation walks back the original measure’s ambitious scope, it still represents a meaningful step forward for multinational tax transparency.
Read FACT’s official statement for the record highlighting the critical work of Treasury’s Financial Crimes Enforcement Network, including its ongoing efforts to implement the Corporate Transparency Act and finalize strong rules curbing money laundering through U.S. real estate and private investment markets.
Treasury advances long-awaited anti-money laundering rules for U.S. real estate, and the European Union dramatically expands access to beneficial ownership registries, among other AML reforms.
A former top Treasury official laid out the case for public country-by-country reporting requirements for U.S. multinationals at a recent Senate Budget Committee hearing, and a long-awaited rule introducing anti-money laundering responsibilities for investment advisors is now under regulatory review.
Treasury begins accepting ownership information reports under the Corporate Transparency Act, the Foreign Extortion Prevention Act is signed into law, and the Biden Administration provides an update on long-awaited AML reforms for real estate and private investment markets.
FACT government affairs director Erica Hanichak was quoted in coverage of the recently-implemented Corporate Transparency Act by the New York Times’ Kate Kelly.
