Title: FinCEN’s Spanish-Language Outreach Event on Beneficial Ownership Reporting Requirements in Puerto Rico
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