,,ii  #aaith ,,congress  #ast ,session  
,s4 #aiie  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #i1 #bjbe
 ,mr4 ,markey 7for himself1 ,ms4        
,warren1 and ,mr4 ,whitehouse7          
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,small ,business and      
,entrepreneurship  ,a ,,bill  ,to       
require the ,director of the ,financial 
,crimes ,enforcement ,network and the   
,administrator of the ,small ,business  
,administration to enter into a         
memorandum of understanding to ensure   
the dissemination of covered            
information1 and for other purposes4    
#a4  ,short title  ,this ,act may be    
cited as the ,fin,c,e,n-,,sba           
,coordination on ,beneficial ,ownership 
,registration ,act4  #b4  ,sense of     
,congress  ,it is the sense of ,congress
 that-- 7#a7 malign actors seek to      
conceal their ownership of corporations1
 limited liability companies1 or other  
similar entities in the ,united ,states 

to facilitate illicit activity1         
including money laundering1 the         
financing of terrorism1 proliferation   
financing1 serious tax fraud1 human and 
drug trafficking1 counterfeiting1       
piracy1 securities fraud1 financial     
fraud1 and acts of foreign corruption1  
harming the national security interests 
of the ,united ,states and allies of the
 ,united ,states2  7#b7 ,federal        
legislation providing for the collection
 of beneficial ownership information for
 corporations1 limited liability        
companies1 or other similar entities    
formed under the laws of the ,states is 
needed to--  7,a7 set a clear1 ,federal 
standard for incorporation practices2   
7,b7 protect vital ,united ,states      
national security interests2  7,c7      
protect interstate and foreign commerce2
  7,d7 better enable critical national  
security1 intelligence1 and law         
enforcement efforts to counter money    
laundering1 the financing of terrorism1 
and other illicit activity2 and  7,e7   

bring the ,united ,states into          
compliance with international anti-money
 laundering and countering the financing
 of terrorism standards2  7#c7 ,federal 
legislation providing for the collection
 of beneficial ownership information is 
needed to protect critical law          
enforcement and national security       
efforts2  7#d7 the ,secretary of the    
,treasury and the ,administrator should 
work with small business concerns and   
other reporting companies to provide    
clarity and minimize burdens on them    
while still generating a highly useful  
database2  7#e7 an overwhelming         
bipartisan majority of ,congress        
codified the provisions of paragraphs   
7#a7 through 7#d7 in the enactment of   
the ,corporate ,transparency ,act 7title
 ,,lxiv of division ,f of the ,william  
,m4 7,mac7 ,thornberry ,national        
,defense ,authorization ,act for ,fiscal
 ,year #bjba 7,public ,law #aaf-bhc2    
#acd ,stat4 #dfjd772 and  7#f7 full     
implementation of the ,corporate        

,transparency ,act is critical to       
further the provisions of paragraphs    
7#a7 through 7#d74  #c4  ,definitions   
,in this ,act3 7#a7 ,administration2    
,administrator ,the terms               
,administration and ,administrator mean 
the ,small ,business ,administration and
 the ,administrator thereof1            
respectively4  7#b7  ,beneficial        
ownership requirements  ,the term       
beneficial ownership requirements means 
the requirements under section #eccf of 
title #ca1 ,united ,states ,code4  7#c7 
,covered agencies  ,the term covered    
agencies means ,fin,c,e,n and the       
,administration4  7#d7  ,covered        
information  ,the term covered          
information means information developed 
by ,fin,c,e,n regarding the beneficial  
ownership information reporting         
requirements under section #eccf of     
title #ca1 ,united ,states ,code4  7#e7 
,director  ,the term ,director means the
 ,director of ,fin,c,e,n4  7#f7         
,fin,c,e,n ,the term ,fin,c,e,n means   

the ,financial ,crimes ,enforcement     
,network described in section #caj of   
title #ca1 ,united ,states ,code4  7#g7 
,reporting company  ,the term reporting 
company has the meaning given the term  
in section #eccf of title #ca1 ,united  
,states ,code4  7#h7  ,resource partner 
,the term resource partner means-- 7,a7 
a small business development center2    
7,b7 a women's business center described
 in section #bi of the ,small ,business 
,act 7#ae ,u4,s4,c4 #fef72 and  7,c7    
,veteran ,business ,outreach ,centers   
described in section #cb of the ,small  
,business ,act 7#ae ,u4,s4,c4 #feg;b74  
7#i7  ,small business concern2 small    
business development center  ,the terms 
small business concern and small        
business development center have the    
meanings given those terms in section #c
 of the ,small ,business ,act 7#ae      
,u4,s4,c4 #fcb74  #d4  ,memorandum of   
understanding to ensure the             
dissemination of covered information    
7a7  ,meeting  ,not later than #cj days 

after the date of enactment of this     
,act1 the ,administrator and the        
,director shall meet to discuss the     
contents of the memorandum of           
understanding required by subsection    
7b74  7b7  ,memorandum of understanding 
,not later than #ij days after the date 
of enactment of this ,act1 the          
,administrator and the ,director shall  
enter into a written memorandum of      
understanding to jointly carry out the  
following activities3  7#a7             
,disseminating covered information to   
reporting companies and trade           
associations and other entities that    
represent small business concerns1      
including dissemination through resource
 partners of the ,administration4  7#b7 
,ensuring covered information is made   
available in ,english1 ,spanish1 and any
 additional languages as jointly        
determined by the ,director and the     
,administrator4  7#c7 ,ensuring that the
 homepage of the website of the         
,administration includes a link to the  

relevant webpages of ,fin,c,e,n relating
 to beneficial ownership requirements   
and registration for reporting          
companies4  7#d7 ,implementing a plan to
 identify and counter scams or other    
fraudulent schemes related to1 or       
purporting to be1 beneficial ownership  
reporting1 and to educate reporting     
companies and trade associations and    
other entities that represent small     
business concerns about such scams or   
fraudulent schemes4  7#e7 ,hosting      
in-person town halls and webinars-- 7,a7
 organized by the ,administrator1 acting
 through national or regional offices of
 the ,administration2  7,b7 that feature
 presentations by ,fin,c,e,n staff on   
compliance with beneficial ownership    
requirements2 and  7,c7 that are        
advertised to reporting companies and   
trade associations and other entities   
that represent small business concerns4 
7#f7 ,implementing a plan to use field  
offices of the ,administration and      
,domestic ,liaisons of ,fin,c,e,n for   

the in-person town halls and webinars   
described in paragraph 7#e74  7#g7 ,any 
other activities the ,director and the  
,administrator determine necessary to   
increase the number of reporting        
companies in compliance with beneficial 
ownership requirements4  7c7  ,public   
availability of memorandum of           
understanding  ,not later than #g days  
after the date on which the ,director   
and ,administrator enter into a         
memorandum of understanding under       
subsection 7b71 the ,director and the   
,administrator shall each make the      
memorandum publicly available on a      
website of ,fin,c,e,n and the           
,administration1 respectively4  7d7     
,meetings  ,not later than #f months    
after the date on which the ,director   
and ,administrator enter into a         
memorandum of understanding under       
subsection 7b71 and every #f months     
thereafter1 the ,director 7or a         
designee7 and the ,administrator 7or a  
designee7 shall review the following3   

7#a7 ,issues related to1 and continued  
coordination on1 the requirements of the
 memorandum4  7#b7 ,challenges          
associated with increasing the number of
 reporting companies in compliance with 
beneficial ownership requirements4  7#c7
 ,reasons provided by reporting         
companies to covered agencies for       
failing to comply with beneficial       
ownership requirements4  7#d7           
,strategies for collaboration to address
 the reasons described in paragraph     
7#c74  7#e7 ,any other topics the       
,director and the ,administrator        
determine necessary4  7e7  ,compensation
  ,the ,director 7or a designee7 and the
 ,administrator 7or a designee7 may not 
receive compensation for attending a    
meeting required by subsection 7d74  #e4
  ,reports  ,not later than #cj days    
after the date on which the ,director   
and ,administrator enter into a         
memorandum of understanding under       
section #d7;b71 and every #cj days      
thereafter1 the ,director and the       

,administrator shall jointly submit to  
the ,committees on ,small ,business and 
,entrepreneurship and ,banking1         
,housing1 and ,urban ,affairs of the    
,senate and the ,committees on ,small   
,business and ,financial ,services of   
the ,house of ,representatives a report 
that includes the following3  7#a7 ,for 
the #cj-;day period preceding the date  
of the report-- 7,a7 a description of   
the actions taken under the memorandum  
of understanding to provide outreach to 
reporting companies that are required   
to1 but have failed to1 comply with     
beneficial ownership requirements2  7,b7
 the estimated number of reporting      
companies that have received covered    
information or other assistance relating
 to beneficial ownership requirements   
from the ,administration or ,fin,c,e,n  
as a result of actions taken pursuant to
 the memorandum of understanding2 and   
7,c7 the number of reporting companies  
in compliance with beneficial ownership 
requirements4  7#b7 ,a description of   

the actions the ,director and the       
,administrator plan to take under the   
memorandum of understanding during the  
#cj-;day period following the date of   
the report to provide covered           
information to reporting companies that 
have failed to comply with beneficial   
ownership requirements4