Banking,
Criminal
Oct. 19, 2022
FinCEN’S final rules require disclosure of ownership
The rule will help to stop criminal actors, including oligarchs, kleptocrats, drug traffickers, human traffickers, and those who would use anonymous shell companies to hide their illicit proceeds.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
In an effort to crack down on illicit finance and increase transparency, the U.S. Treasury Department's Financial Crime Enforcement Network (FinCEN) recently issued final regulations requiring disclosure of the beneficial ownership of almost all closely held businesses. One of the world's leading financial intelligence units, FinCEN's mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the co...
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