A number of small, but important, bureaucratic steps draw FinCEN closer to full implementation of the CTA, and the IRS announces sweeping new tax enforcement efforts focused on large corporations and high-wealth individuals.
FASB’s revised income tax reporting standards represent a “dramatic improvement” over existing disclosure, and Treasury looks to delay beneficial ownership reporting for newly formed entities.
Recent expert testimony before a House Financial Services subcommittee emphasized the need for FinCEN to make substantial revisions to its proposed beneficial ownership information access rule, as well as the need for additional funding for the bureau.
New York State passes legislation to implement the nation’s first public beneficial ownership registry, Australia delays groundbreaking tax transparency measures, and recent global fora highlight the need for new measures to curb illicit finance.
The Administration’s updated regulatory agenda indicates that the second final rule to implement the Corporate Transparency Act will be released in September, while much-needed new draft regulations on real estate transactions will be made available for comment in August.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
