America's title as king of the money laundering jurisdictions may soon be coming to an end, however, with the dawn of the Corporate Transparency Act. Congress adopted the Corporate Transparency Act at the end of 2020. The new law will require nearly 20 million U.S. companies to file beneficial ownership reports that disclose their true owners.
FinCEN - the U.S. Treasury Financial Crimes Enforcement Network is implementing the new law. FinCEN recently completed an Advance Notice of Proposed Rule Making in which it sought comments from the public on its upcoming regulations.
The Act requires FinCEN to adopt regulations by the end of 2021. Once adopted, pre-existing companies will have two years in which to file an initial beneficial ownership report. New companies, formed after the regulations are adopted, will need to file reports at the time of formation.