NAAG submitted comments to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, in response to its request for input regarding beneficial ownership information reporting and disclosure requirements.
In their letter, the attorneys general:
- Emphasize the need to ensure state, local, and tribal enforcers have timely and efficient access to beneficial ownership information.
- Encourage continued engagement about the development of CTA-related regulations with attorneys general, with NAAG serving as a liaison.
- Urge FinCEN to develop regulations that permit the beneficial ownership information to be used as evidence and provided to the defense, particularly when necessary for prosecutors to discharge their discovery and disclosure obligations.