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Treasury Department Confirms Commitment to Issue CTA Rules for Year-end Implementation

A Treasury Department official confirmed this week the government's commitment to issue CTA rules by year-end. The Corporate Transparency Act was passed by Congress over President Trump's veto in December, 2020.  In the CTA, Congress set December 31, 2021 as the deadline to implement the new law.  The CTA hopes to create a database of

By |2021-10-02T20:03:28+00:00June 26th, 2021|Categories: Uncategorized|Comments Off on Treasury Department Confirms Commitment to Issue CTA Rules for Year-end Implementation

What the Biggest Law Firms are saying about the Corporate Transparency Act

The biggest law firms are calling their clients' attention to the Corporate Transparency Act of 2020. Sidley & Austin's memorandum to clients identifies many of the key issues that are undefined in the new law. Defining "Other Similar Entities" The 2,000+ lawyer firm suggests that FinCEN will apply FinCEN's "customer due diligence" (CDD) rules to interpret the

By |2021-10-02T20:03:29+00:00June 1st, 2021|Categories: corporate transparency act, FinCEN, Uncategorized|Tags: , , , , |Comments Off on What the Biggest Law Firms are saying about the Corporate Transparency Act

How America Became the Money Laundering Capital of the World

Peter Stone, an investigative journalist, claims that America has become of the "money laundering capital of the world."   Stone claims that the U.S. earned this title because it lacks controls over money flows and financial accounts in his recent article in The New Republic. Stone describes some notorious examples, such as the "Russian Laundromat" case.  In

By |2021-10-02T20:03:29+00:00May 8th, 2021|Categories: corporate transparency act, FinCEN, Money laundering, Uncategorized|Comments Off on How America Became the Money Laundering Capital of the World

National Association of Manufacturers Comments on FinCEN ANPRM

The National Association of Manufacturers (NAM) has submitted comments on FinCEN's Advance Notice of Public Rule Making (ANPRM).  The NAM represents 14,000 companies, most of which are small and medium-sized businesses. The ANPRM posed 48 separate questions on the 2020 Corporate Transparency Act (CTA).  Once implemented, the CTA will require roughly 20 million private businesses

By |2021-10-02T20:03:29+00:00May 2nd, 2021|Categories: corporate transparency act, FinCEN, makes public comments, Uncategorized|Tags: , , , |Comments Off on National Association of Manufacturers Comments on FinCEN ANPRM

FinCEN Appoints New Acting Director

On April 11, 2021, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced that Michael Mosier would be the Acting Director. FinCEN had also announced the departure of Director Kenneth Blanco.  The change took effect on April 2. As Acting Director, Mosier's will play a key role in shaping FinCEN's regulatory and enforcement agenda in

By |2021-10-02T20:03:29+00:00May 1st, 2021|Categories: corporate transparency act, FinCEN, Michael Mosier, News, Uncategorized|Tags: , , |Comments Off on FinCEN Appoints New Acting Director

FinCEN Needs to Define “Substantial Control” in Regulations

In its Advance Notice of Public Rulemaking, FinCEN asked for comment on 48 separate questions arising under the Corporate Transparency Act (the "Act"). FinCEN Report Company has recently submitted written comments on the question of the meaning of "substantial control" in the Act. The Act defines the “beneficial owner” of an entity, subject to certain

By |2021-10-02T20:03:29+00:00April 27th, 2021|Categories: corporate transparency act, FinCEN, makes public comments, Uncategorized|Tags: , , , , |Comments Off on FinCEN Needs to Define “Substantial Control” in Regulations
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