On August 8, 2023, Treasury Undersecretary Brian E. Nelson and FinCEN's Acting Director Himamauli Das met with Kentucky leaders to discuss implementing the Corporate Transparency Act and combating fentanyl trafficking.
"Illicit actors use opaque corporate structures to facilitate money laundering, corruption, sanctions and tax evasion, drug trafficking, fraud, and a host of other criminal offenses with impunity, while legitimate businesses and everyday Americans suffer from their misdeeds and unlawful competitive advantage," Nelson said.
On August 8, 2023, Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, joined by Acting Director of the Financial Crimes Enforcement Network (FinCEN) Himamauli Das, met with Representative Andy Barr (R-KY 6th District) and other local leaders in Lexington, Kentucky, to discuss the Treasury Department's efforts to counter illicit financial activities.
The key topics covered during the meeting were the implementation of the Corporate Transparency Act (CTA) and the ongoing fight against fentanyl trafficking. Undersecretary Nelson emphasized the critical role of public-private partnerships in curbing financial crimes and announced the forthcoming beneficial ownership information registry, an initiative aimed at keeping American businesses safe from abuse.
Nelson further highlighted that the new beneficial ownership reporting regime would enable the government to more effectively uncover drug traffickers, including those who traffic fentanyl, by exposing the true owners of legal entities within the United States.
In the meeting, Undersecretary Nelson also laid out the Treasury's plan to support businesses in understanding and complying with the CTA. He announced efforts to minimize burdens and promised that most small businesses would find the process similar to filing their taxes. The government is also setting up a contact center to assist businesses and will soon publish a Small Entity Compliance Guide.
Addressing the crisis of fentanyl trafficking, Nelson described the Treasury's multifaceted approach in using its tools to target every stage of the supply chain, both domestically and internationally.