Corporate Transparency Act’s Efforts To Combat Crime May Impact Small Businesses
By EsqSocial Corporation 25/01/21
The National Defense Authorization Act, passed by the U.S. House and Senate at the end of 2020, contained a piece of legislation intended to increase transparency into shell companies to combat money laundering and criminal behavior: the Corporate Transparency Act (CTA). The CTA will create a massive registry of the “beneficial owners” of “reporting companies” with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)......
By: Tonkon Torp LLP