The Corporate Transparency Act takes effect on January 1, 2024 – does your company have to report its beneficial owners to the federal government?
By Robert Appleton, Jason Saltsberg, Brian Roe - Olshan Frome Wolosky LLP, 21 Nov 2023
Effective on January 1, 2024, the U.S. Corporate Transparency Act (CTA) will require “reporting companies” to disclose to the U.S. government’s Financial Crimes Enforcement Network (FinCEN) details of their “beneficial owners”.
With the CTA, Congress has passed one of the most significant and sweeping laws affecting LLCs and companies doing business in the United States – covering both domestic and foreign entities – in the most aggressive effort to date against illicit terrorist financing, fraud and money laundering.
This client alert discusses the CTA’s reach and exceptions and disclosure obligations, which are retroactive and go well beyond any disclosure previously expected.
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