Corporate Transparency Act
On January 1, 2021, the Corporate Transparency Act (the “CTA ”) became law as the U.S. Senate voted to override former President Donald Trump’s veto of the National Defense Authorization Act of 2021. The CTA requires the U.S. Treasury Department to promulgate regulations implementing the CTA by January 1, 2022. The CTA constitutes a major shift in the U.S. anti-money laundering regime by requiring newly formed and existing U.S. entities that cannot benefit from an exemption to report certain beneficial owners to the U.S. government.