The main purpose of this legislation is to enhance cooperation between the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to improve the sharing of information related to beneficial ownership registration. This aims to combat illicit activities such as money laundering and terrorism financing by ensuring that businesses disclose who truly owns them. Key provisions of the legislation require the Director of FinCEN and the Administrator of the SBA to create a memorandum of understanding within 90 days of the law's enactment.