FACT submits comments praising Treasury’s revised beneficial ownership reporting form, and suggests small changes to help improve user experience and increase the usefulness of reported information for law enforcement.
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.
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 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.
A recent draft rule by Treasury’s FinCEN to implement the Corporate Transparency Act contains severe deficiencies that, if left in place, could “undermine U.S. national security and global leadership in the fight against corruption.”
