FinCEN Issues Final Rule Implementing Corporate Transparency Act

As we have previously reported, on January 1, 2021, the US enacted into federal law the Corporate Transparency Act (the "Act"), which is a new national beneficial ownership reporting regime for US companies and certain non-US companies.

In broad terms, the Act creates a national company beneficial ownership registry accessible only by law enforcement, government agencies and other officials, and requires reporting companies to provide certain identifying information on its US and non-US beneficial owners and company applicants to the Financial Crimes Enforcement Network ("FinCEN")¹. The purpose of the Act is to prevent the illicit use of so-called 'shell companies' to conceal illegal activity or to facilitate money laundering and tax evasion, among other things.