The Corporate Transparency Act ("CTA") imposes new
federal reporting obligations on certain companies, including
information on the beneficial owners of those companies. The CTA
has been characterized by some as the most significant anti-money
laundering reform in a generation and, as the legislation itself
states, will help bring the United States into closer alignment
with international standards concerning anti-money laundering and
countering terrorism financing. The CTA is an important development
that will likely serve as a significant deterrent to registering in
the United States by those seeking to conceal ownership
information. It will also impose a new and unfamiliar reporting
requirement on millions of U.S. businesses, especially small
businesses, but there are a number of reporting exceptions that
companies should evaluate.
Foley Hoag has prepared a comprehensive review of the CTA's
requirements that will be helpful to both impacted companies and
their advisors.
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