Washington Report

Advocacy Updates from Washington D.C.

House Committee Votes on the Corporate Transparency Act of 2019

On June 12th, the House Financial Services Committee passed the Corporate Transparency Act of 2019 (H.R. 2513). This Act requires limited liability companies (LLCs) and s-corporations formed under state law to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Greater disclosure and transparency of these owners will better assist law enforcement and regulators with tracking criminals using shell companies for illicit purposes such as money laundering, including in real estate transactions. Last month, NAR sent a letter to the House Financial Services Committee expressing support for this legislation, and continued collaboration with FinCEN and the Treasury Department to combat money laundering and terrorist financing.

NAR’s Letter to the House Financial Services Committee

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