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.
UN Development Dialogue highlights growing momentum for public country-by-country reporting, Canada passes public beneficial ownership reporting requirements, and the UN votes to begin international tax reform negotiations.
FACT launches its latest report analyzing the linkages between U.S. financial secrecy and environmental crimes, the UK passes the Economic Crime and Corporate Transparency Act, and the EU Tax Observatory releases a new global tax evasion report.
Treasury’s revised beneficial ownership information reporting form incorporates critical feedback from FACT and its allies, removing fields that would have introduced unprecedented optionality to reporting under the Corporate Transparency Act.