Anti-corruption enforcement capacityinstitutional
0.60Strengthened
policyneeds reviewconfidence: medium
FinCEN's beneficial-ownership reporting rule takes effect
On 1 January 2024 the Financial Crimes Enforcement Network's final rule implementing the Corporate Transparency Act's beneficial-ownership reporting requirements took effect, requiring covered companies to file the identities of their ultimate human owners with FinCEN. FinCEN Director Andrea Gacki described the regime as 'a concrete step' toward enhancing corporate transparency in the United States. The rollout was subsequently complicated by litigation and later regulatory changes that, by 2025, narrowed reporting obligations to certain foreign-formed entities.
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On 1 January 2024 the Financial Crimes Enforcement Network's final rule implementing the Corporate Transparency Act's beneficial-ownership reporting requirements took effect, requiring covered companies to file the identities of their ultimate human owners with FinCEN. FinCEN Director Andrea Gacki described the regime as 'a concrete step' toward enhancing corporate transparency in the United States. The rollout was subsequently complicated by litigation and later regulatory changes that, by 2025, narrowed reporting obligations to certain foreign-formed entities.
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