READOUT: Treasury Under Secretary Nelson and FinCEN Director Gacki’s Travel to Columbus, Ohio for Beneficial Ownership Outreach Event

COLUMBUS, Ohio—On July 16, Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki participated in a beneficial ownership reporting outreach event in Columbus, Ohio, in partnership with Rep. Joyce Beatty (D-OH). Under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts—many small businesses are required to report basic information to the Federal government about the real people who ultimately own or control them. The event was part of Treasury’s nationwide efforts to educate potential reporting companies on the aims of the beneficial ownership information program prior to the January 1, 2025 reporting deadline that many companies are required to meet. Under Secretary Nelson and Director Gacki met with small business owners and other key stakeholders to discuss the reporting requirements. Centralizing beneficial ownership information is critical to the U.S. Government’s efforts to make it harder for terrorist financiers, drug kingpins, and other bad actors to use anonymous corporate structures to launder, move, and hide illicit funds into and through the United States. Learn more about beneficial ownership reporting at fincen.gov/boi.

Under Secretary Nelson’s Prepared Remarks: https://home.treasury.gov/news/press-releases/jy2468

Director Gacki’s Prepared Remarks: https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-andrea-gacki-during-beneficial-ownership-0