The Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury plans to tackle beneficial ownership rules in 2023.
More specifically, the FinCEN provides that it has completed final regulations on beneficial ownership information reporting requirements, which implement the 2021 enacted Corporate Transparency Act. The Act requires companies to disclose certain information about their beneficial owners, founders and registrants to the FinCEN, in an effort to prevent and combat tax fraud, money laundering, terrorist financing and other illicit activity. The FinCEN also stated that it is currently working on regulations on Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities, which is now in the proposed rule state.