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Pandora Papers Spark Call to Accelerate FinCEN Regulations

Over the weekend, a group of investigative journalists dumped thousands of pages of confidential documents they called the Pandora Papers.  These pages implicate dozens of world leaders in money laundering.  The bombshell Pandora Papers has sparked calls for FinCEN to accelerate the implementation of the Corporate Transparency Act. The Pandora Papers dig into the shell companies

By |2021-10-10T12:40:51+00:00October 5th, 2021|Categories: corporate transparency act, FinCEN, Pandora Papers|Tags: , , |Comments Off on Pandora Papers Spark Call to Accelerate FinCEN Regulations

Pandora Papers Highlight Money Laundering Risks

World leaders and high net worth individuals are responding to a massive document dump over the weekend being called the "Pandora Papers." Several major news organizations published the massive haul of documents on Sunday.  The documents appear to tie world leaders to secret stores of wealth.  The papers name King Abdullah of Jordan, Czech Prime

By |2021-10-08T10:51:22+00:00October 4th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , , |Comments Off on Pandora Papers Highlight Money Laundering Risks

CTA May Impose New Ethical Duties on Attorneys

Some real estate attorneys are questioning whether the Corporate Transparency Act will impose new ethical obligations on attorneys. The Corporate Transparency Act (“CTA”) requires companies to disclose their beneficial ownership through a report filed with FinCEN, the Treasury Department’s Financial Crimes Enforcement Network. The rules of legal ethics, however, compel attorneys not to disclose their

By |2021-10-02T20:03:28+00:00October 2nd, 2021|Categories: corporate transparency act, FinCEN, legal ethics|Tags: , , |Comments Off on CTA May Impose New Ethical Duties on Attorneys

Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

The Corporate Transparency Act requires the U.S. Treasury Department's Financial Crimes Enforcement Network - FinCEN - to adopt regulations before the end of the year to implement the law.  FinCEN has not yet released those regulations.  But, there are five things your business can do now to prepare for this new law. 1. Understand What

By |2021-10-02T20:03:28+00:00September 26th, 2021|Categories: corporate transparency act, FinCEN|Tags: , , , , |Comments Off on Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

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

ABA Comments on CTA Regulations

The American Banking Association made three big points in their comment letter to FinCEN on its pending ANPRM to implement the Corporate Transparency Act. U.S. Banks have been tracking the beneficial ownership of their corporate customers for years under the KYC and AML rules. Banks to collect beneficial ownership information regarding their customers and to report cash transactions over $10,000.  The

By |2021-10-02T20:03:29+00:00May 15th, 2021|Categories: corporate transparency act, FinCEN, makes public comments|Tags: , , |Comments Off on ABA Comments on CTA Regulations

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
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