FinCEN Commences Rulemaking Process To Implement New Beneficial Ownership Requirements

On April 1, 2021, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comments on the implementation of the Corporate Transparency Act (CTA), which was enacted on January 1, 2021, as part of the National Defense Authorization Act for fiscal year 2021 (NDAA). The CTA aims to improve corporate transparency by establishing a new framework for the reporting, maintenance and disclosure of beneficial...
By: Skadden, Arps, Slate, Meagher & Flom LLP

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