Implementation of the Corporate Transparency Act is under serious threat, FACT calls on Treasury to nominate permanent leadership at FinCEN, and Canada introduces long awaited legislation to create a publicly-accessible federal beneficial ownership registry.
The FACT Coalition and a diverse group of civil society organizations are calling for the timely appointment of a permanent director to lead the Financial Crimes Enforcement Network, a bureau of the U.S. Treasury Department responsible for setting national anti-money laundering standards and serving as the country’s financial intelligence unit.
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.
There’s no better way to show U.S. support for Ukraine than by doing the hard, long-term work here at home to make sure the strength of the U.S. economy doesn’t benefit Putin and his cronies abroad.
The FACT Coalition submitted comments yesterday recommending that the Treasury Department address critical weaknesses in its proposed rule detailing access protocols for the new beneficial ownership information directory to be established under the Corporate Transparency Act.
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).
