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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">The purpose is to close a long-standing gap of who beneficially owns entities for anti-money laundering purposes. When setting up entities in states, there is no universal
beneficial owner blank required to be filled, and this has long been a gap crippling the ability to follow dirty money back to ultimate beneficial owners. Up until now, FinCEN has collected suspicious activity report (SAR) filings that are secretly filed
by financial institutions any time a bank has any activity or account owner that raises suspicion of illegal activity. All of these reports are gathered into a database searchable by law enforcement for investigative purposes. However, the dots can’t be
connected from an individual to an entity without some statement of who beneficially owns each entity. So my guess is this information will supplement the SAR information to connect any entity SARs back to individuals and vice versa.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">The US is a member of FATF (Financial Action Task Force) but even at FATF’s most recent assessment of the US’s anti-money laundering and counter-terrorist financing measures,
the US was only fully compliant on 9 out of 40 recommendations. One of the “not compliant” ratings (the worst rating level) was entity beneficial ownership (recommendation 24).
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="https://www.fatf-gafi.org/en/publications/Mutualevaluations/Fur-united-states-2020.html">https://www.fatf-gafi.org/en/publications/Mutualevaluations/Fur-united-states-2020.html</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">I guess the US no longer wants to appear hypocritical in this regard.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Katie Patel<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Paraclete Estate Planning, LLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">(541) 499-9085 (direct)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">112 Genessee Street<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Medford, OR 97504<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Roger Hawkes<br>
<b>Sent:</b> Wednesday, January 17, 2024 11:43 AM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] FinCEN Reporting of BOI<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">What is their objective? Why do millions of people have to spend three minutes of their time to do this?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Brent Williams-Ruth<br>
<b>Sent:</b> Wednesday, January 17, 2024 10:54 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a>>; WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>>; Solo and Small Practice Section <<a href="mailto:solo-and-small-practice-section@list.wsba.org">solo-and-small-practice-section@list.wsba.org</a>><br>
<b>Subject:</b> [WSBARP] FinCEN Reporting of BOI<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Greetings List Members - <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">I just wanted to share my experience with filing the Beneficial Ownership Information data through the Financial Crimes Enforcement Network (FinCEN). <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">It was super easy. Honestly, the most difficult part was remembering that Treasury website (like the IRS) only allow submissions during business hours. I tried and failed 3 times to file on Sunday.
Today, it took me only the one time and was over in about 3 minutes. <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">What you will need: <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">1) Corporate name of your entity<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">2) Tax ID <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">3) All beneficial owners (in my case, a sole member PLLC so it was easy)<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">4) a government issued ID as a PDF (note, the file name cannot have spaces)<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Super easy. <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p><b><span style="font-family:"Times New Roman",serif">Brent Williams-Ruth</span></b><span style="font-family:"Times New Roman",serif"> (pronouns: he/him)<br>
<i>Attorney-At-Law</i></span><o:p></o:p></p>
<p><b><span style="font-family:"Times New Roman",serif">Law Offices of Brent Williams-Ruth, </span></b><b><span style="font-size:7.5pt;font-family:"Times New Roman",serif">a division of BWR Consulting, PLLC</span></b><o:p></o:p></p>
<p><b><span style="font-family:"Times New Roman",serif">Physical Address: 500 S 336th Street, Suite 214; Federal Way, WA 98003</span></b><o:p></o:p></p>
<p><b><span style="font-family:"Times New Roman",serif;color:red">**EFFECTIVE IMMEDIATELY**</span></b><b><span style="font-family:"Times New Roman",serif"> All mail sent through the USPS should be sent to the following address: PO BOX 3319; Federal Way, WA
98063 </span></b><o:p></o:p></p>
<p><span style="font-family:"Times New Roman",serif">Office/Scheduling Phone:<span style="color:#004080"> </span><span style="color:red">(253) 285-7751</span></span><o:p></o:p></p>
<p><span style="font-family:"Times New Roman",serif">Direct:<span style="color:red"> (253) 285-7453</span></span><o:p></o:p></p>
<p><span style="font-family:"Times New Roman",serif"><a href="mailto:Brent@Williams-RuthLaw.com" target="_blank">e-mail</a> / <a href="http://www.williams-ruthlaw.com/" target="_blank">website</a> /</span><span style="font-size:9.5pt;font-family:"Times New Roman",serif"> </span><span style="font-family:"Times New Roman",serif"><a href="http://www.facebook.com/bwrlaw" target="_blank"><span style="font-size:9.5pt">facebook</span></a></span><span style="font-size:9.5pt;font-family:"Times New Roman",serif"> / </span><o:p></o:p></p>
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