In this update episode of Corruption, Crime and Compliance, Michael Volkov speaks with Erica Hanichak of the FACT Coalition and Frank Russo of Modern Fortis about the current fight over the Corporate Transparency Act, the 2021 law requiring companies to report their beneficial owners to a secure Treasury Department database in order to close off the U.S.’s longstanding status as an easy jurisdiction for setting up anonymous shell companies used in money laundering, human trafficking, and fraud. Hanichak and Russo describe how the law’s implementation has faced litigation and a legislative repeal push that narrowly cleared the House Financial Services Committee despite broad, bipartisan, cross-sector opposition from law enforcement groups, financial institutions, and anti-trafficking organizations, all of whom view beneficial ownership data as a foundational tool for tracing who truly finances and benefits from organized criminal networks. The conversation also flags the administration’s forthcoming final rule, which reportedly would exempt more than 99.98% of the entities Congress originally intended to cover, and closes with a direct call for the compliance community to engage with lawmakers to preserve and strengthen, rather than gut, the beneficial ownership reporting framework that due diligence programs increasingly depend on.