Read FACT’s official statement for the record highlighting the critical work of Treasury’s Financial Crimes Enforcement Network, including its ongoing efforts to implement the Corporate Transparency Act and finalize strong rules curbing money laundering through U.S. real estate and private investment markets.
FACT welcomes Treasury’s release of draft regulations introducing common-sense anti-money laundering safeguards for the U.S. private investment industry. The draft rule builds upon a slew of recent moves by Treasury to protect U.S. markets from dirty money.
FACT welcomes the release by Treasury of much-needed draft reforms closing loopholes that have, for decades, allowed international and domestic bad actors to launder money through U.S. real estate markets.
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.
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.