Forty-two state attorneys general wrote to Senate Banking Committee leaders today in support of S. 2563, the Illicit Cash Act, a bipartisan bill that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department. The bill also requires FinCEN to share beneficial ownership information with local, tribal, state or federal law enforcement, national security and intelligence agencies.
“Storing beneficial ownership information in a centralized location is good,” the state AGs wrote. “Sharing it with law enforcement is even better. With access to comprehensive beneficial ownership information, law enforcement can put an end to unlawful use of our financial institutions by criminals and terrorists.”
ABA has long advocated for the creation of a beneficial ownership registry and noted that the bill would help keep bad actors out of the financial system.