FinCEN Fiasco: Treasury's Latest Gift to Corporate Secrecy The Treasury Department's decision to exempt 99 percent of entities from reporting beneficial ownership to the Financial Crimes Enforcement Network (FinCEN) has drawn swift criticism from two senior senators.
Chuck Grassley and Sheldon Whitehouse, both seasoned lawmakers with a keen eye for financial transparency, have issued a joint statement condemning the move as a blow to anti money laundering efforts.
The exemption reduces FinCEN's ability to track suspicious transactions and identify potential money launderers by shielding 99 percent of entities from scrutiny.