Special to the News
Wes Allen, Alabama’s secretary of state, praises the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) for its decision to issue a final rule permanently removing the requirement for U.S. companies and persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.
The beneficial ownership reporting requirement still applies to foreign entities and persons. Last year, Secretary Allen signed a joint letter with 19 other conservative secretaries of state encouraging President Trump to enact this critical reform.
“As secretary of state, I have advocated for Alabama’s small business owners, and I am proud of the work we have accomplished. I firmly believe in cutting government red tape where we find it,” Allen said. “From championing legislation to remove costly business filing requirements to pressing the federal government to do the same, I have shown my support for Alabama business.”
