FinCEN has begun rolling out a process to allow law enforcement agencies, including select OIGs, to request access. Image: Dmivmas/Shutterstock.com
By: FEDweek StaffAgency inspectors general say that newly available information on who is the ultimate owner of a business should help their efforts in preventing and detecting fraud against federal agency programs, but more clarity is needed on its use, the GAO has said.
“When it’s unclear who controls a company that’s participating in federal programs, there’s greater risk of fraud,” GAO said, noting that a 2024 law required some companies to report to the Treasury Department on their “beneficial ownership” and that law enforcement and inspectors general can request access to it from Treasury’s Financial Crimes Enforcement Network (FinCEN).
“FinCEN has begun rolling out a process to allow law enforcement agencies, including select OIGs, to request access. Some OIGs told GAO that they have received information about the company registry, but they were unclear on which OIGs would have access to the data and exactly how company registry data can be used,” said the report.
In a survey of 69 IG offices, nearly half said that such information could “greatly” assist their proactive efforts against fraud and their fraud investigation efforts, while nearly all the rest said the information could aid those efforts “somewhat.”
Among the issue IGs identified are that FinCEN has not yet specified capabilities for bulk downloads of the data, which could be used for cross-matching it against data from other sources.
GAO said that Treasury had no comment on its recommendation to better communicate with the IG community regarding access to the information and its use.
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