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.
The appointment of U.S. sanctions expert Andrea Gacki to lead the Financial Crimes Enforcement Network will help empower the Bureau to better safeguard the U.S. financial system from ever-evolving threats.
A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
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.
