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 Biden Administration’s budget for fiscal year 2024 includes a much-needed 20 percent increase in funding for the Financial Crimes Enforcement Network. The big question now is whether Congress will deliver.
In an encouraging signal of anti-corruption progress to come in 2023, the Treasury Department announced its intention to release a draft rule targeting money laundering through US real estate markets this April.
Today, Congress passed a continuing resolution to fund the U.S. government through December 16, which now awaits President Biden’s signature. While the measure will ensure that agencies can continue operations at existing budgetary levels, the resolution puts off approving the increased funding for key offices in the U.S. Treasury Department contemplated in both chambers’ appropriations bills for fiscal year 2023.
On August 8, the FACT Coalition applauded the inclusion of crucial investments in the Internal Revenue Service (IRS), and specific measures to combat tax dodging by multinational corporations in the Inflation Reduction Act of 2022, which the Senate enacted over the weekend.
Today, the Senate Appropriations Committee released its draft appropriations bills for fiscal year 2023 that provided just $189 million to the Financial Crimes Enforcement Network (FinCEN). While it is an increase above FY2022 enacted levels, the Senate figure falls short of the funding approved last week by the House and requested by the President by a sum of $21 million.
