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.
FACT’s latest report assesses critical gaps in the U.S. anti-money laundering framework that have made the country a safe haven for illicit financial flows from environmental crimes.
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.
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.
