The Corporate Transparency Act (the "CTA") was enacted on January 1, 2021[1] in an effort by Congress to prevent and combat money laundering, terrorist financing, tax fraud.
The Corporate Transparency Act (CTA) became federal law on January 1, 2021, as part of the Anti-Money Laundering Act of 2020. The new rule, which will go into effect on January 1, 2024.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule on September 29, 2022, implementing the beneficial ownership information.
In January 2021, Congress enacted the Corporate Transparency Act (CTA) in order to protect the United States financial system from being used for money laundering and/or other illicit activities.
As many of you have probably heard by now, beginning on January 1, 2024, corporations, partnerships and limited liability companies formed in the United States, and non-US entities registered.