Congress unveiled its long-negotiated omnibus spending bill to fund the federal government for fiscal year 2023, which includes $190.2 million for the Financial Crimes Enforcement Network (FinCEN).
The FACT Coalition welcomes today’s release by the Department of the Treasury of the second draft rule – this time, defining directory access protocols – necessary to implement the landmark Corporate Transparency Act.
Ian Gary, executive director of the FACT Coalition, a nonprofit that promotes corporate transparency, said in an email that the new rule “will protect our financial system and small businesses from the criminal abuse of anonymous shell companies.”
The Financial Accountability and Corporate Transparency (FACT) Coalition, founded in 2011, spent nearly a decade producing investigative reports, lobbying legislators and building a coalition with interest groups such as Friends of the Earth and Polaris.
The Financial Accountability and Corporate Transparency (FACT) Coalition, an international transparency advocacy group, said it supported the regs and urged Treasury to “accelerate the remaining rulemaking processes to fully implement this groundbreaking anti-money-laundering reform.”
Ian Gary, the executive director of the FACT Coalition, called the release of the new rule “a historic moment in the decades long fight to rid the U.S. of dirty money.”