New regulations tackling money laundering in the titanic U.S. real estate and private investment sectors are now expected in early 2024, per a fact sheet released by Treasury on the first day of this week’s UN anti-corruption conference in Atlanta.
The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
Secretary Yellen outlines upcoming AML initiatives, U.S. commits to verification of data collected under the Corporate Transparency Act, and FinCEN gets ready to revise and reissue a controversial beneficial ownership information intake form.
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 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.
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.”
