Following FinCEN’s announcement that it is permanently ending beneficial ownership reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act, I wanted to share a statement from the Cato Institute’s Nicholas Anthony:

The beneficial ownership system was a mistake from day one. Forcing countless Americans to report their activity without any evidence of a crime was the exact opposite of innocent until proven guilty. The Treasury did well to step away from this system. It should press forward and reform more of the Bank Secrecy Act.

FinCEN also announced that it will delete previously reported information associated with individuals it reasonably believes are U.S. persons.

If you would like to speak with Anthony about the decision, the Corporate Transparency Act, or broader Bank Secrecy Act reform, please contact Cato PR at pr@​cato.​org.