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Enhancing Financial Integrity through Beneficial Ownership Information (BOI) Regulations

Addressing Key Action Items

The proposed regulation aims to clarify who must report beneficial ownership information (BOI), when they must report it, and what information they must provide. The following key action items will be addressed:

• Finalize regulations: Implementing the BOI reporting and access requirements set out in the Corporate Transparency Act.
• Work with Congress: Passing legislation to cover any potential gaps in the Corporate Transparency Act.
• Establish a registry: Creating an operational beneficial ownership registry.
• Engage with foreign jurisdictions: Revising corporate secrecy laws and facilitating timely access to BOI information by law enforcement and regulatory authorities.

Importance of Implementing International Standards

The United States has been slow to implement international standards on transparency, but it can benefit from the experience of other countries that have already established beneficial ownership registries. The U.S. government will work to ensure effective implementation of regulations related to the Corporate Transparency Act.

Benefits of Enhanced BOI Regulations

Implementing robust BOI regulations will bring numerous benefits:

• Enhance financial integrity and compliance: By providing clear and consistent reporting requirements, we can reduce the risk of illicit financial activities.
• Provide critical information to law enforcement: Accurate and accessible BOI information will help protect national security by enabling law enforcement agencies to track and prevent money laundering and terrorist financing.
• Promote a level playing field: Robust transparency requirements will create a fair business environment, where all companies are held to the same standards.

Challenges Ahead

While implementing robust BOI regulations is essential, there are several challenges that need to be addressed:

• Implementing effective regulations: Ensuring that regulations effectively address gaps in the Corporate Transparency Act and provide clear guidance for reporting entities.
• Engaging with foreign jurisdictions: Collaborating with countries that have weak or non-existent BOI collection requirements to revise corporate secrecy laws and facilitate timely access to BOI information.
• Establishing an operational registry: Creating a reliable and efficient system for storing and accessing BOI information.