FinCEN’s Updated Notice re National Small Business United v. Yellen

The following is the text of a March 11, 2024, FinCEN news release:

“On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. The Justice Department, on behalf of the [. . .]

FinCEN Issues Final Rule for Beneficial Ownership Reporting

On September 29, 2022, FinCEN issued the following press release:

“Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about [. . .]

FinCEN Statement Regarding Beneficial Ownership Information Reporting and Next Steps

On February 8, 2022, FinCEN published a press release about beneficial owners. The press release says:

The Financial Crimes Enforcement Network (FinCEN) notes that the comment period to the December 8, 2021 notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI) (the “Reporting NPRM”) has closed. FinCEN received over 230 comments.

The Reporting NPRM is the first in a series of rulemakings that FinCEN will issue to implement the Corporate Transparency Act (CTA). The next step in the CTA rulemaking series will be [. . .]

Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)

On December 7, 2021, FinCEN published a fact sheet about reporting companies’ beneficial owners. The fact sheet says:

Millions of corporations, limited liability companies, and other entities are formed within the United States each year. While such entities play an essential and legitimate role in the U.S. and global economies, they can also be used to facilitate illicit activity, such as corruption, and enable those who threaten U.S. national security to access and transact in the U.S. economy. Few jurisdictions in the United States require legal [. . .]

FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency

On December 7, 2021, FinCEN issued the following press release about the Corporate Transparency Act:

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). The proposed rule is designed to protect the U.S. financial system from illicit use and impede malign actors from abusing legal entities, like shell companies, to conceal proceeds of corrupt and criminal acts. Such abuses undermine U.S. national security, economic fairness, and [. . .]

FinCEN’s Advance Notice of Proposed CTA Rulemaking

The Financial Crimes Enforcement Network (FinCEN) April 5, 2021 Advance Notice of Proposed Rulemaking (ANPRM). FinCEN is soliciting public comments on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).

FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

FinCEN’s April 1, 2021 (not an April fools joke) about the Corporate Transparency Act.

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).

This ANPRM is the first in a series of regulatory actions that FinCEN will undertake to implement the CTA, which is included within the Anti-Money Laundering Act of [. . .]

FinCEN Press Releases