A recent draft rule by Treasury’s FinCEN to implement the Corporate Transparency Act contains severe deficiencies that, if left in place, could “undermine U.S. national security and global leadership in the fight against corruption.”
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.
Vulnerabilities in commercial real estate markets recently identified by FinCEN only further reinforce the need for comprehensive regulatory action to address money laundering through U.S. real estate.
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).
Less than a week after the conclusion of the IACC, the Biden Administration took another big step toward meeting its anti-money laundering and anti-corruption commitments with the release of the second draft rule to implement the Corporate Transparency Act early today.
The FACT Coalition welcomes today’s release by the Department of the Treasury of the second draft rule – this time, defining directory access protocols – necessary to implement the landmark Corporate Transparency Act.
