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FinCEN’S Final Rules Require Disclosure of Ownership
In an effort to crack down on illicit finance and increase transparency, the U.S. Treasury Department’s Financial Crime Enforcement Network (FinCEN) recently issued final regulations requiring disclosure of the beneficial ownership of almost all closely held businesses. One of the world’s leading financial intelligence units, FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
The rule will now require most corporations, limited liability companies and other entities created in or registered to do business in the United States to report information about their beneficial owners.
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