The Corporate Transparency Act: A New Era of Accountability Begins January 1, 2024
As previously posted by Jonathan Milgrom, the Corporate Transparency Act (CTA) went into effect when the clock struck midnight on January 1, 2024. This transformative piece of legislation, will reshape the corporate landscape,ushering in a new era of transparency and accountability. This landmark legislation marks a significant step forward in the fight against financial crime and anonymous corporate activities. The central tenet of the CTA is to enhance corporate transparency by requiring companies to disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.