BizTech Law Blog
Posts from February 2023.
Posted by: Robert A. Hamor
Introduction and Scope of New Rule
With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of Russian oligarchs currently under U.S. sanctions), Congress passed the Corporate Transparency Act (CTA) in January 2021 as part of the National Defense Authorization Act. In 2022, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) began to publish rules in its efforts to begin enforcement of the CTA likely beginning on January 1, 2024.
Categories: Legislative Updates
