Overview (Program Summary)
As part of the National Defense Authorization Act for Fiscal Year 2021, enacted January 1, 2021, Congress passed the Anti-Money Laundering Act of 2020, which includes the CTA. The purpose of the CTA is to help fight corruption by requiring âreporting companiesâ to file beneficial ownership information (âBOIâ) with the Financial Crimes Enforcement Network of the Department of Treasury (âFinCENâ). The goal of the reporting requirements is to combat the use of anonymous shell companies or other opaque corporate structures that facilitate the flow and sheltering of illicit money. Beginning January 1, 2024, foreign and domestic entities registered to do business in the United States will have to file BOI with FinCEN. The presentation will discuss who must file BOI, what information must be filed, the exceptions to the filing requirements, and who can access the BOI on file.
David Tingstad from Beresford Booth Lawyers, Edmonds, Washington
Bob Waine from Rothman Gordon, Pittsburgh, Pennsylvania
Neneng Yannick from Neneng Law Office, Douala, Cameroon