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.