June 27, 2023
Dear Ms. Countryman,
I am writing to express my strong support for the proposed modernization of beneficial ownership reporting, as outlined in the document S7-06-22. I believe that updating the regulations surrounding beneficial ownership reporting is a crucial step towards enhancing transparency, combating financial crimes, and promoting a fair and accountable market.
The current landscape of beneficial ownership reporting is outdated and inadequate, making it easier for individuals and entities to engage in illicit activities such as money laundering, terrorist financing, and tax evasion. The proposed modernization efforts are a timely response to the evolving challenges in the financial industry and an opportunity to bolster our collective efforts in combating financial crimes.
The proposed reforms, including the utilization of technology and the establishment of a centralized database, have the potential to significantly enhance the efficiency and effectiveness of beneficial ownership reporting. By leveraging technology, we can streamline the process of identifying and verifying beneficial owners, reducing the burden on businesses and financial institutions while simultaneously increasing accuracy and reliability.
Furthermore, the establishment of a centralized database for beneficial ownership information will promote data integrity and facilitate information sharing among relevant authorities, empowering law enforcement agencies to detect and investigate suspicious activities more effectively. This centralized approach will not only simplify compliance for businesses but also strengthen our ability to identify and prevent financial crimes on a broader scale.
The modernization of beneficial ownership reporting will also bolster the reputation of our financial system on the global stage. As countries around the world are stepping up their efforts to combat money laundering and terrorism financing, it is crucial for us to align our regulations with international standards. By implementing robust and transparent beneficial ownership reporting practices, we can reinforce our commitment to a level playing field and contribute to the global fight against financial crimes.
In conclusion, I urge you to consider the benefits that the modernization of beneficial ownership reporting, as proposed in S7-06-22, can bring to our financial system. By embracing technological advancements and implementing a centralized database, we can enhance transparency, deter financial crimes, and foster a more accountable business environment. I believe these changes will not only protect our economy but also promote fairness, integrity, and trust within our financial ecosystem.
Thank you for your attention to this matter. Your support for the modernization of beneficial ownership reporting is greatly appreciated and will have a lasting positive impact on our financial system.
Thank you.