Fifth U.S. Open Government National Action Plan
Commitment Tracker
Implement Open Government Components of a New Government-Wide Strategy on Countering Corruption
Progress for this commitment is tracked based on the following sub-commitment(s). You can also view the full text of this commitment.
| US0130.1 | The U.S. Department of the Treasury is continuing to build the infrastructure and database for beneficial ownership reporting, and will issue further rulemakings to implement the CTA. |
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| Agency & Subagency | U.S. Department of Treasury Financial Crimes Enforcement Network |
Sub-Commitment Status | In Progress |
| February 2024 Progress | Progress Update: FinCEN continues to provide guidance materials about the beneficial ownership information (BOI) reporting requirements. FinCEN published more than 80 Frequently Asked Questions (FAQs) to assist the public with BOI reporting requirements, and most recently published new FAQs in January 2024. FinCEN published its small entity compliance guide (Guide) for the final BOI Reporting Requirements Rule (Reporting Rule) in September 2023, and updated it in December 2023. The Guide describes each of the Reporting Rule’s provisions in simple, easy-to-read language; answers key questions; and provides interactive checklists, infographics, and other tools to assist businesses in complying with BOI reporting requirements. FinCEN also issued technical instructions to support reporting companies with filing their BOI reports. FinCEN issued the final BOI Access and Safeguards Rule (Access Rule) in December 2023. The Access Rule prescribes the circumstances under which BOI may be disclosed to authorized recipients, and how it must be protected. FinCEN will next engage in a rulemaking to revise FinCEN’s customer due diligence (CDD) rule, consistent with the requirements of the Corporate Transparency Act. Evidence: FINCEN Beneficial Ownership URL - https://www.fincen.gov/boi Small Entity Compliance Guide - https://www.fincen.gov/boi/small-entity-compliance-guide Beneficial Ownership Access Rule - https://www.federalregister.gov/documents/2023/12/22/2023-27973/beneficial-ownership-information-access-and-safeguards |
| August 2023 Progress | The Treasury Department continues to release guidance related to beneficial ownership information reporting and access on its dedicated site linked below. Since the release of NAP 5, updates to the public include informational videos about beneficial ownership reporting, answers to frequently asked questions, and key dates for reporting. Treasury officials have also testified before Congress on CTA implementation and participated in a public meeting with relevant stakeholders in law enforcement, financial institutions, and industry groups to ensure that small businesses understand the new beneficial ownership information reporting requirements and solicit feedback on CTA implementation.https://www.fincen.gov/boi FinCEN CTA Congressional Testimony: Hearing Entitled: “Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)” - Financial Services Committee (house.gov): https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408719 Treasury Outreach Event: READOUT: Treasury Officials Visit Kentucky and Ohio to Meet with Financial Institutions, Hold FinCEN Exchange on Combatting Fentanyl Trafficking - FinCEN.gov: https://www.fincen.gov/news/news-releases/readout-treasury-officials-visit-kentucky-and-ohio-meet-financial-institutions |
| US0130.2 | The Federal Government commits to working with international partners to further elevate international standards and practices against illicit finance, and continue to build the cooperative relationships to combat such conduct. |
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| Agency & Subagency | Executive Office of the President National Security Council |
Sub-Commitment Status | In Progress |
| February 2024 Progress | Progress Update: A fact sheet was released in December 2023 on the implementation of the US Strategy on Countering Corruption, which includes measures to curb and combat illicit finance and foster international cooperation. Evidence: FACT SHEET: U.S. Leadership in the Fight Against Global Corruption - https://www.whitehouse.gov/briefing-room/statements-releases/2023/12/11/fact-sheet-u-s-leadership-in-the-fight-against-global-corruption/ |
| August 2023 Progress | A fact sheet was released in March 2023 on the implementation of the US Strategy on Countering Corruption, which includes measures to curb and combat illicit finance and foster international cooperation. The fact sheet can be found here: https://www.whitehouse.gov/briefing-room/statements-releases/2023/03/29/fact-sheet-implementing-the-united-states-strategy-on-countering-corruption-accomplishments-and-renewed-commitment-in-the-year-of-action/ |