Death of CTA

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this episode, Tom welcomes back Corporate Transparency Act expert and maven Jonathan Wilson for a look at how the Trump Administration killed Corporate Transparent Act (CTA). 

In March Treasury Secretary announced that all domestic reporting companies would be exempt from filing Beneficial Ownership Information (BOI) reports, with only foreign reporting companies required to file. Obviously this violates both the intent of the law and its plain language. Wilson outlines the impact of this interim final rule, noting the loss of a critical tool for federal and state law enforcement, as well as financial institutions. The pod explores the potential for legal challenges and the possible implications for ongoing constitutional lawsuits related to the Act. 

Key Highlights

·       Unexpected Regulatory Changes

·       Implications of the New Rule

·       Potential Legal Challenges

Resources

Jonathan Wilson on LinkedIn

FinCEN Report

Tom Fox

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