The Pandora Papers Add Urgency to the Corporate Transparency Act
Article
With the release of the “Pandora Papers,” there is renewed attention on transparency in corporate ownership.
1 minute read
October 25, 2021
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With the release of the “Pandora Papers,” there is renewed attention on transparency in corporate ownership. Earlier this year, Congress passed the Corporate Transparency Act (CTA), to combat the use of shell corporations in money laundering, financial fraud, and other illicit or corrupt activities. The Financial Crimes Enforcement Network (FinCEN), the enforcement arm of the U.S. Treasury, is working to release associated regulations by December 31, 2021.
The CTA primarily addresses:
For more detailed information on the Corporate Transparency Act of 2019, click here.
Given the present administration’s emphasis on financial transparency, the Pandora Papers are likely to act as a catalyst for the US’s implementation and enforcement of the CTA. The Pandora Papers are also likely to add urgency to the Department of Treasury’s rollout of CTA regulations.
Authored by Priyanka (Pree) Wakharkar, CPA, CA.
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