FinCEN ISSUES PROPOSED RULE FOR BENEFICIAL OWNERSHIP REPORTING

On 7 December, a news release from US Treasury advised on an NPRM to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).  The proposed rule addresses, among other things, who must report beneficial ownership information, when they must report, and what information they must provide.  Collecting this information and providing access to law enforcement, financial institutions, and other authorized users will diminish the ability of malign actors to hide, move, and enjoy the proceeds of illicit activities. Comments on the NPRM will be accepted for 60 days.

https://www.federalregister.gov/public-inspection/2021-26548/beneficial-ownership-information-reporting-requirements

https://www.fincen.gov/news/news-releases/fact-sheet-beneficial-ownership-information-reporting-notice-proposed-rulemaking

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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