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. 

  • News

Ahead of new beneficial ownership regs, FinCEN seeks public comment by May 5

FinCEN, the U.S. Treasury Department bureau that's best known to many American expats for its role in receiving Foreign Bank Account Reports from them each year, is seeking public comment on proposed measures it's considering introducing, as part of an overall U.S. strategy of requiring significantly  greater reporting of beneficial ownership information.

  • News

Proposed U.S. Corp. Transparency Act would mandate ownership disclosures

Each year, almost 2 million corporations and limited liability companies are created in the United States, under various regulatory structures. Yet, as has often been pointed out – especially recently, as the world moves slowly in the direction of ever greater transparency and disclosure – only a handful of U.S. states currently require information about the beneficial owners of these entities.

  • Tax
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Opinion

U.S. tax expert Goulder: Theory of 'strategic forbearance' could help explain EU reluctance to challenge U.S. over FATCA

U.S. tax expert Goulder: Theory of 'strategic forbearance' could help explain EU reluctance to challenge U.S. over FATCA

In July of 2018,members of the European Parliament resoundingly approved a resolution which supported the right of Europe's estimated 300,000 "accidental Americans"  to be allowed to cast off their American citizenship...

Jan-25-2022