FACT recommends that the FATF employ stronger language to encourage countries to establish enhanced beneficial ownership reporting standards for trusts and other under-regulated entities.
Read FACT’s official comment urging global governments to strengthen existing systems and multilateral cooperation on beneficial ownership transparency ahead of the 10th Conference of State Parties to the UN Convention Against Corruption.
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.
