Lawmakers urge Treasury to implement shell-company law - American Banker

WASHINGTON — Senior congressional Democrats urged the Treasury Department to move faster to implement a law passed last year cracking down on anonymous shell companies ahead of a fast-approaching deadline.

Passed by Congress in late 2020 with veto-proof majorities, the Corporate Transparency Act requires that businesses report their beneficial ownership directly to the Financial Crimes Enforcement Network when the company incorporates. The measure was seen as a significant source of regulatory relief for bankers, who would no longer be required to uncover and send that information about their business customers to Fincen.

But almost a year after the legislation’s passage, Democratic lawmakers now appear concerned that Fincen is dragging its feet. The law set an implementation deadline of Jan. 1, 2022.

source: https://www.americanbanker.com/news/lawmakers-urge-treasury-to-implement-shell-company-law

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