Reporting Requirements under the Corporate Transparency Act may Effect More Entities than Anticipated
By EsqSocial Corporation 27/05/21
Congress recently passed the Corporate Transparency Act (CTA) requiring private companies to disclose their beneficial owners to the United States Department of the Treasury’s Financial Crime Enforcement Network (FinCEN). The CTA is designed to ban the anonymous shell companies criminals may use to hide and move corrupt proceeds and other illicit financing. Thus, the CTA gives FinCEN significant authority to adopt necessary regulations in an effort to thwart money laundering... Originally...
By: Mitchell, Williams, Selig, Gates & Woodyard,