The law, the Corporate Transparency Act, will require corporate entities to disclose ownership information starting Jan. 1, significantly impacting the way businesses operate and handle transparency.
Supporters of the law argue it is crucial to prevent criminals from using the U.S. as a financial haven, highlighting the need for transparency in corporate ownership.
Critics, including lobbyists for banks, claim the requirements pose an unnecessary burden on small businesses and raise constitutional concerns, creating tensions over the law's implementation.
Casey Michel, an expert on kleptocracy, emphasized the law's importance, stating it is the most significant anti-money-laundering legislation in decades, addressing issues of anonymity in U.S. shell companies.
#corporate-transparency-act #anti-money-laundering #business-regulation #legal-challenges #financial-crime
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