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I shared this info in detail in my last newsletter but due to it's importance I will share some of it again and encourage you to read it for yourself. Read Last Week's Email Here...
In 2021, Congress enacted the Corporate Transparency Act. This law creates a beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA).
The Final Rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial ownership. The Beneficial Ownership Information (BOI) reporting provisions of the CTA proposed rule is designed to protect the US financial system from illicit use and impede malign actors from abusing legal entities, including shell companies, to conceal proceeds of corrupt/criminal acts.
Reporting companies (domestic and foreign) ought to make sure that they will be ready to comply with the Final Rule by its effective date of January 1, 2024, to identify the beneficial owners of an entity and the company applicants of an entity.
The goal of the Beneficial Ownership Rule
To collect information and provide access to law enforcement, financial institutions, and other authorized users to combat corruption by covering:
- who must report beneficial ownership information
- when they must report
- what information they must provide
GET THE BOI FACTS
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