On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published proposed regulations implementing Section 6403 of the Corporate Transparency Act, which was enacted into law as part of the National Defense Authorization Act for fiscal year 2021 to require certain entities and persons to file ownership reports regarding beneficial ownership. The information reported is intended to help prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity. These proposed regulations, once finalized, will affect a large number of entities doing business in the United States. Continue reading >