Beneficial Ownership Reporting Required by the Corporate Transparency Act
In an effort to combat the use of shell companies and creative ownership structures to hide improper financial transactions, Congress passed the Corporate Transparency Act in 2021 on a bipartisan basis. As a result, the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN) will begin to collect information about the “beneficial ownership” of U.S. companies. This article provides...