Section 4.2 - Q8 - What Does Project 2025 Say?

“Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule.”

Citation: Project 2025, Section 4.2: Department of the Treasury, William L. Walton, Stephen Moore, and David R. Burton, page 739, paragraph 9

Context:

This one is transparently (if you’ll excuse the pun) evil. The Corporate Transparency Act (CTA), passed in 2021, requires U.S. companies to disclose their beneficial ownership information – that is, the individuals who own or control them – to the Financial Crimes Enforcement Network (FinCEN). The goal of the law is to combat money laundering, tax evasion, and illicit financial activities by increasing transparency regarding company ownership structures. The CTA mainly targets shell companies used to hide illicit financial dealings.

The CTA is also seen as an essential tool for disrupting networks involved in human trafficking, narcotics, and terrorism financing.

So if we reduce oversight of this, what’s going to happen? Increased financial and other crimes, and decreased law enforcement visibility into it and capability of prosecuting it – with no visibility, it’s a LOT harder to prove the law was broken.

Full contextual analysis of Section 4.2: Department of the Treasury here.

Section: Section 4.2: Department of the Treasury

Categories: Big Banks, Corporate America, Deregulation, Human Trafficking