In response to entreaties by allies at the Group of Seven (G7) summit recently held in Japan, on May 19, 2023, the U.S. Department of Commerce and the Department of the Treasury jointly announced.
Earlier this summer, the Financial Crimes Enforcement Network ("FinCEN") issued national priorities for the anti-money laundering and countering the financing of terrorism ("AML/CFT") policy (the "Priorities").
Certain pooled investment vehicles
501(c) nonprofits; 527 political organizations; trusts under paragraphs (1) and (2) of section 4947(a) of the Internal Revenue Code
Certain entities that operate exclusively to provide financial assistance/hold governance rights over a nonprofit, political organization or certain trusts
Any entity that: 2. has a physical office in the U.S., and 3. reported more than $5 million in gross receipts or sales on the previous year’s Federal income tax return
Any subsidiary or other entity owned or controlled (directly or indirectly) by an entity exempt from reporting requirements (except those owned or controlled by money transmitting businesses; certain pooled investment vehicles; certain entities that operate exclusively to provide financial assistance/hold governance rights over a nonprofit, political organizations, and certain trusts; and certain inactive businesses)