A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2021).

The positive response from the Financial Accountability and Corporate Transparency (FACT) Coalition contrasts with the response from the American Bankers Association (ABA) which said the proposal was “difficult to assess” while implementing it would be a “major undertaking” that will divert bank resources (Trade-based Financial Crime, 11 February 2022).

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