Scott Introduces Bill to Ease Burdens on Small Business, Target Chinese Shell Companies | United States Committee on Banking, Housing, and Urban Affairs ...Middle East

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Scott Introduces Bill to Ease Burdens on Small Business, Target Chinese Shell Companies | United States Committee on Banking, Housing, and Urban Affairs
January 18, 2024 Washington, D.C. – Ranking Member Tim Scott (R-S.C.) today introduced legislation that would make commonsense reforms to ease reporting requirements for small businesses and close loopholes for Chinese shell companies operating in the United States. The Protect Small Businesses and Prevent Illicit Financial Activity Act extends the timeline for small businesses to comply with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) regulation on beneficial ownership reporting requirements and prohibits FinCEN from allowing companies to omit information to obfuscate their true owners. “Chinese shell companies cannot be allowed to operate discreetl

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