open for comment until May 27, after which FinCEN will publish a final rule. Until then, the narrower scope applies. Towers noted that while the CTA might not impact U.S. business aircraft owners at this time, the FAA is considering regulatory action to require aircraft owners to report more transparent information regarding beneficial owners. The U.S. Government Accountability Office (GAO) found in a 2020 report that the FAA allows civil aircraft registration applicants to submit “opaque” information on beneficial owners – that is, the persons who ultimately own and control the aircraft. The GAO made 15 recommendations to the FAA, three of which have been adopted. “In the context of business aviation, we still have the GAO recommendations that the FAA has agreed to which include collecting information about beneficial owners of aircraft. It’s possible we see a proposed rule on this later this year,” said Towers. However, it is unclear whether an expanded scope of the CTA or additional FAA reporting requirements will be a priority under the current administration. 10 AVIATION VIEW MAGAZINE VOLUME 05, ISSUE 01
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