SAN JUAN, Puerto Rico—The Financial Crimes Enforcement Network (FinCEN) conducted an outreach event today focused on beneficial ownership reporting requirements. The event, held at the Puerto Rico Department of State, was attended by Puerto Rico’s Secretary of State, Hon. Omar J. Marrero-Diaz, and included trade associations representing small business groups in Puerto Rico. This marks FinCEN’s first outreach event in Spanish regarding federal requirements for reporting information about individuals who ultimately own or control businesses.

During the event, FinCEN Deputy Director Jimmy Kirby highlighted the importance of implementing beneficial ownership reporting requirements as a priority for combating money laundering and related offenses. He noted that filing beneficial ownership information reports is straightforward, secure, and free of charge. Since January 1, 2024, when FinCEN began accepting these reports, over 2 million have been submitted.

This meeting follows earlier U.S. Treasury engagements in Puerto Rico this year. In April, Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson visited the island to participate in a banking roundtable where he discussed efforts to combat illicit financial activities and enforce strong anti-money laundering standards. In February, FinCEN Director Andrea Gacki traveled to Puerto Rico to emphasize collaborative efforts against public corruption, fraud, and drug trafficking. During her visit, she hosted the first FinCEN Exchange in Puerto Rico with representatives from the financial industry and law enforcement agencies to bolster local law enforcement efforts. Additionally, she addressed the 20th Annual Puerto Rico Bankers Association Symposium on Anti-Money Laundering and met with officials to discuss threats related to illicit finance.

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