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FinCEN's Spanish Outreach: Beneficial Ownership in PR

· 2 min read
John Kowala
AML Analyst

Overview​

FinCEN, the Financial Crimes Enforcement Network, held an outreach event in Puerto Rico with the Secretary of State, Hon. Omar J. Marrero-Diaz, to discuss the federal requirements for reporting beneficial ownership information to FinCEN.

Event Highlights​

  • First-ever Spanish-language outreach session in the region by FinCEN
  • Local representatives from small business trade associations in attendance
  • Discussion on the importance of beneficial ownership reporting requirements in combating money laundering

FinCEN's Emphasis​

Jimmy Kirby, FinCEN's Deputy Director, highlighted the following:

  • The reporting process is simple, secure, and free
  • Over 2 million reports have been received since January 1, 2022

Previous U.S. Treasury Engagements​

This event comes after a series of engagements by the U.S. Treasury Department in Puerto Rico:

  • In April, Treasury Under Secretary Brian Nelson visited to discuss combating illicit financial activities
  • In February, FinCEN Director Andrea Gacki held the first FinCEN Exchange on the island

Importance of Reporting Requirements​

These reporting requirements are a significant part of the U.S. government's efforts:

  • To strengthen Puerto Rico's financial systems
  • To ensure transparency and mitigate risks
  • To promote economic prosperity

Upcoming Changes​

Filing these reports will be mandatory for certain businesses starting from January 1, 2024. Therefore, increasing stakeholder awareness and reporting capabilities is essential.

Key Takeaways​

  • FinCEN held its inaugural Spanish-language outreach session in Puerto Rico
  • Local trade associations representing small businesses attended
  • Discussions focused on the importance and ease of beneficial ownership reporting requirements
  • Previous engagements by the U.S. Treasury Department in Puerto Rico include visits from Under Secretary Brian Nelson and Director Andrea Gacki
  • These reporting requirements are a part of the U.S. government's efforts to strengthen Puerto Rico's financial systems and ensure transparency