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On May 8th and 9th, the House Financial Services Committee held a full committee markup and considered legislation aimed at combating money laundering and strengthening laws to better help law enforcement get to individuals who are engaging in illicit financial crimes. The House Financial Services Committee held hearings back in March of this year to discuss current anti-money laundering efforts and proposals to modernize money laundering laws.
This week, the Committee was scheduled to take up the “Corporate Transparency Act of 2019,” which would require limited liability corporations (LLCs) and s-corporations formed under state law to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), which is a bureau within the U.S. Department of the Treasury. This bill was not considered during the markup as initially planned. The “Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019,” or the COUNTER Act is legislation to reform the Bank Secrecy Act (BSA), which included proposals to expand the current Geographic Targeting Orders (GTOs) issued by FinCEN.
In a letter, NAR expressed our support of the Committee's work to promote greater transparency through the collection and reporting of beneficial ownership information to FinCEN, when LLCs are formed under state law in an effort to combat money laundering.