Under Secretary for Terrorism and Financial Intelligence Brian Nelson delivered remarks at a beneficial ownership event in Columbus, Ohio, hosted by Representative Joyce Beatty. Nelson thanked Beatty for her efforts and acknowledged her comments during Secretary Yellen’s recent hearing.

Nelson emphasized the detrimental impact of illicit finance on American communities, citing a 2021 case where eight individuals were sentenced for laundering $44 million in drug proceeds through local businesses in Columbus. The investigation uncovered significant quantities of narcotics, including 76 grams of fentanyl.

"Far too many American families—including far too many here in Ohio—have been devastated by the opioid crisis," Nelson stated. He highlighted the broader implications of illicit finance on law-abiding businesses, referencing a case where an individual defrauded local companies out of over $10 million using shell companies.

Nelson outlined the Treasury Department's role in countering these threats as part of the Biden-Harris Administration’s U.S. Strategy on Countering Corruption. He stressed the importance of regulatory actions to increase transparency and protect national security.

The Corporate Transparency Act was underscored as a critical tool requiring companies to report information about their real owners to federal authorities. "Centralizing this information and making it available to law enforcement will help untangle complicated corporate structures," he said.

Nelson also addressed concerns from business owners regarding potential regulatory burdens, noting that feedback has been considered to avoid unnecessary complications. The Treasury's efforts are based on extensive research and public risk assessments related to money laundering and terror financing.

A key focus is protecting the U.S. housing market from abuse by illicit actors who exploit real estate for money laundering purposes. A proposed rule aims to increase transparency in residential real estate transfers involving legal entities and trusts.

Additionally, Nelson discussed measures targeting commercial real estate and investment advisers to prevent abuse by bad actors, including foreign state actors gaining access to sensitive technologies through investments.

Nelson concluded by emphasizing the collective effort required to combat illicit finance globally: "Because money knows no borders, we continue to engage with our counterparts around the world."

He then introduced Director Andrea Gacki of FinCEN for further discussion.