FinCEN publishes final beneficial ownership info reporting rule

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued its final rule to establish the country's first-ever beneficial ownership information-reporting regime, as it was required to do by the Corporate Transparency Act of 2019 (CTA).

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FinCEN issues draft of new beneficial ownership rule 'to counter illicit finance, increase transparency'

The Financial Crimes Enforcement Network (FinCEN) has unveiled a "Notice of Proposed Rulemaking" (NPRM) that it said is aimed at informing stakeholders of its plans to proceed with implementing new beneficial ownership information reporting provisions that are contained in the so-called Corporate Transparency Act (CTA), part of a recent Congressional revision to existing U.S. anti-money laundering laws, which empowers FinCEN to create and manage a national register of beneficial ownership information. 

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Jan. 1 passage of Corporate Transparency Act to see creation of U.S. beneficial ownership registry

In spite of some determined opposition to beneficial ownership registers around the world  on grounds that they put the personal details of the individuals whose names appear on them at risk of being stolen, or otherwise illegally made use of – governments have also been introducing them more and more in recent years, in response to mounting pressure on them to address criminal activities such as money-laundering, tax evasion and fraud, as well as to avoid ending up on “tax haven blacklists”.

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Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...