Senators Target CTA
The Senate bill, S. 4419, headed up by Senators Mike Lee (R-UT) and John Kennedy (R-LA), would narrow beneficial ownership reporting requirements. These requirements were put in place after Congress enacted the Corporate Transparency Act (CTA) in an effort to combat money laundering, trafficking, and other illicit activities.
The CTA requires specified entities or “reporting companies” to submit reports indicating their beneficial owners to Treasury’s Financial Crimes Enforcement Network (FinCEN). Reporting has largely been on pause, however, due to pending litigation and Trump administration actions.
To dig deeper, visit the original article on the Thomson Reuters blog.