Global civil society organizations collectively representing more than 100 groups sent a letter to U.S. Treasury Secretary Janet Yellen today calling on the U.S. to advance specific, meaningful financial transparency reforms to ensure the U.S. does its part to defend worldwide freedoms in the wake of the second Summit for Democracy.
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.
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.
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.
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.