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  • The Corporate Transparency Act: Augmented Federal Anti-Money Laundering Legislation Brings New Reporting Requirements of Company Ownership
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“Through the CTA, Congress directs the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to establish and maintain a national registry of beneficial owners of entities that are deemed “reporting companies.” In so acting, Congress stated that bad actors seek to conceal their ownership of business entities through the use of shell companies in order to facilitate illicit activities, including money laundering, the financing of terrorism, human and drug trafficking, and securities fraud. Congress observed that the lack of state laws requiring companies to identify their beneficial owners has arguably enabled such persons to exploit these entities to further criminal activities.”

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