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Financial Secrecy Under Attack in the United States: Final Regulations Issued for Beneficial Ownership Information Reporting
January 4, 2023
The Corporate Transparency Act (CTA) was enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 to provide uniform Beneficial Ownership Information (BOI) requirements for entities registered to conduct business in the United States. The CTA is part of the Anti-Money Laundering Act of 2020. The proposed BOI regulations were issued on December 7, 2021, and final regulations were issued on September 30, 2022. The new BOI regulations are effective as of January 1, 2024.
The recent International Tax Journal article, authored by Cherry Bekaert’s Michael Cornett, Director in the firm’s International Tax practice, examines the final regulations for the BOI reporting requirements, penalties, exempt entities and more.
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