Yellen remarks at FinCEN

On Monday, Secretary of the Treasury Janet L. Yellen offered remarks on the current status of the Beneficial Ownership Information Reporting initiative. She noted that in just the first week of reporting, over 100,000 filings have been made. She said, "We’re also making reporting as easy as possible for the small businesses at the heart of the American economy so that the benefits for small businesses, and for all of us, will far outweigh what should be a relatively straightforward effort to comply. The reporting process is simple, quick, and free. A small business shouldn’t need a certified public accountant or lawyer. To help companies understand the requirements, we’re hard at work getting the word out. We’re coordinating with federal and state government offices and partnering with the Small Business Administration to hold virtual and in-person events. We’ve published guidance in multiple languages, including specifically for small businesses. We have a Contact Center that is live and taking questions."

On other topics, Secretary Yellen said, "In line with the U.S. Strategy on Countering Corruption, we are ... pursuing increased transparency in our real estate and investment adviser sectors. We aim to issue a notice of proposed rulemaking early this year that will be an important step toward bringing greater transparency to residential real estate transactions, and we are considering next steps to address risks associated with commercial real estate."