The focus on identifying beneficial ownership (BO) continues to increase as revelations from recent scandals highlight prominent government officials with shell companies set up in offshore tax havens.
This has prompted public and government outrage with a bipartisan group of US legislators proposing legislation to target ‘enablers’ of money laundering.
Based on the Corporate Transparency Act of 2020, FinCEN is mandated to develop a federal level BO registry to address anti-money laundering (AML) financial crime. However, this centralized registry will not be ready until June 2023, putting the US behind the UK and other EU countries in terms of open, easily available access to beneficial ownership information.
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