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

Even as opposition to beneficial ownership registers around the world has been mounting 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 avoid ending up on “tax haven blacklists”.

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Opinion

Essential Financial Acronyms for Americans Living Abroad

Essential Financial Acronyms for Americans Living Abroad

The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial...

May-05-2022