FinCEN Moving Quickly to Regulate Beneficial Ownership of US Entities

On April 5th, the Financial Crimes Enforcement Network of the Treasury Department (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on questions pertinent to the implementation of the "Corporate Transparency Act" (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021. The ANPRM seeks … Continue reading FinCEN Moving Quickly to Regulate Beneficial Ownership of US Entities →

Bye-Bye Shell Companies! Beneficial Ownership Reporting Now Required by the USA

It’s finally here! We now have a new law mandating creation of a national database of beneficial owners of US businesses (and foreign businesses registered to do business in the US). It’s been a long time in coming and is being hailed as a huge anti-corruption and anti-money laundering reform . There have been several … Continue reading Bye-Bye Shell Companies! Beneficial Ownership Reporting Now Required by the USA →

Lifting the Veil on US Shell Companies – Third Attempt to Force Beneficial Ownership Registers

Play it again (Uncle) Sam! Two US senators are trying yet again to enact a law mandating creation of a national database of beneficial owners of US businesses. So far we have seen two unsuccessful attempts by lawmakers for mandatory beneficial ownership registers in the USA. The latest borrows heavily from the two bills that have … Continue reading Lifting the Veil on US Shell Companies – Third Attempt to Force Beneficial Ownership Registers →

Corporate Veil Dropping: British Crown Dependencies Make Beneficial Ownership Registers Public, US Takes Baby Steps

Why should anyone care about government-mandated beneficial ownership registers for legal entities? Why might a multinational enterprise have concerns with such registers? Current news tells us more and more of them are in the works. After years of dragging their heels, and to the surprise of many in the international community, the British Crown Dependencies … Continue reading Corporate Veil Dropping: British Crown Dependencies Make Beneficial Ownership Registers Public, US Takes Baby Steps →