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House panel grills FinCEN on rollback of Corporate Transparency Act reporting
Summary
Members of the House Financial Services Committee criticized the Treasury Department—s interim rule narrowing Corporate Transparency Act reporting and pressed FinCEN Director Andrea Gacki on data retention, enforcement and law enforcement utility of beneficial ownership information.
House lawmakers used a Wednesday oversight hearing to press the director of the Financial Crimes Enforcement Network on the agency—s March interim rule that exempts most U.S. companies from filing beneficial ownership reports under the Corporate Transparency Act.
The hearing, convened by the subcommittee on National Security, Illicit Finance and International Financial Institutions, focused on whether FinCEN—s change in approach strikes the right balance between preventing illicit finance and protecting small-business privacy. Rep. Joyce Beatty, the subcommittee—s ranking member, said the agency—s rollback risks weakening law enforcement tools. "FinCEN follows the money to the origins of these drug supply chains to disrupt finance streams," Beatty said, adding that the agency is "central to that effort."
The exchange centered on the March interim final rule that, as Director Andrea Gacki told members, focuses reporting on foreign reporting companies and foreign beneficial owners.…
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