In 2021, as part of efforts to enhance national security and further prevent multiple types of illicit activity, Congress passed new anti-money laundering legislation in the form of the CTA. This law imposes significant new beneficial ownership disclosure and reporting requirements on a wide range of companies that go into effect on January 1, 2024.
Under the CTA, many corporations, partnerships, and limited liability companies will be required to disclose certain information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). However, not every business is subject to these reporting requirements and there are a host of reporting exemptions.
The MMM CTA Task Force will continue to monitor and report on all developments to assist impacted companies.
Ways we can help:
- Compliance and reporting
- Corporate governance
- Entity formation
- Fund structuring and investment
- Tax advice