The purpose of this legislation is to enhance cooperation between the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to improve the collection and dissemination of beneficial ownership information. This information is crucial for identifying the true owners of companies, which helps combat illegal activities such as money laundering, terrorism financing, and other forms of fraud. Key provisions of the legislation include the requirement for FinCEN and the SBA to create a memorandum of understanding within 90 days of the law's enactment.