FinCEN’s Beneficial Ownership Proposal: Invitation to Evasion

GAB welcomes this guest post by Gary Kalman, Executive Director of Transparency International U.S.

The Financial Crimes Enforcement Network (“FinCEN”), the bureau charged with implementing our nation’s anti-money laundering laws, is underfunded. They do not have enough staff and significant staff turnover has left the bureau with less institutional knowledge and memory. On top of this, the agency has an Acting rather than permanent Director, undercutting its leaders’ ability to set a clear vision and direction for the bureau.

None of that, however, can explain the agency’s remarkable lapse in judgement in publishing  this proposal to collect beneficial ownership information from U.S. companies.

Let me explain.

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Guest Post: Oversight of Beneficial Owners Can Strengthen Integrity in the Transition to Renewable Energy

Today’s guest post is from Alanna Markle, a Policy and Research Associate at Open Ownership, and Erica Westenberg, the Governance Programs Director at the Natural Resource Governance Institute.

The transition to cleaner, renewable energy sources is crucial to the health of the planet. Yet the renewables sector is likely to face political, social, and governance challenges—including risks of corruption and conflict of interest—similar to those that have been observed in extractive industries and other sectors. One of the tools that anticorruption advocates have emphasized as crucial across sectors—transparency regarding the true beneficial owners of private companies—may be highly important in addressing corruption and conflict of interest risks in the sustainable energy transition for several reasons: Continue reading