Three legislators forwarded correspondence to the Treasury Department, encouraging the implementation of the Corporate Transparency Act (CTA) to address shell companies.
U.S. Reps. Maxine Waters (D-CA) and Carolyn B. Maloney (D-NY) joined Sen. Sherrod Brown (D-OH) in sending the letter to Treasury Secretary Janet Yellen, requesting action be taken regarding anonymous shell company abuses by traffickers, terrorists, and illicit arms dealers.
“Over six months ago, on April 1, 2021, Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the design and implementation of the beneficial ownership information (BOI) reporting and access provisions of the CTA,” the legislators wrote. “We urge your department to move expeditiously to publish its formal Notice of Proposed Rulemaking (NPRM) to implement the mandated BOI reporting provisions.”
The lawmakers maintain effective and timely implementation of the new BOI reporting requirement serves as a step forward and strengthens national security.
“We hope that as the department’s leader, you will do everything that you can to ensure swift action on the rule, including urgently providing additional staff and resources as necessary to achieve the effective and timely issuance of a proposed and subsequent final rule,” the legislators concluded.