The Financial Action Task Force—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing—today announced that the U.S. has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons, the Treasury Department said. As part of its reasoning, FATF cited the ongoing implementation of the Corporate Transparency Act, which requires companies doing business in the U.S. to report BOI to the Financial Crimes Enforcement Network.
Reporting companies that existed before 2024 have until Jan. 1, 2025, to report their BOI to FinCEN, the Treasury Department noted. Reporting companies created or registered to do business in the U.S. in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
