Corporate Transparency Rollback Would Be Bad for Business
Many in the business community celebrated the sudden March announcement that US-based companies would be exempt from reporting under the Corporate Transparency Act. But Jamie A. Schafer of Perkins Coie offers a different perspective: FinCEN could instead make tweaks — rather than wholesale changes — that could help the US maintain its progress on preventing money laundering and other financial crimes.
Business owners and general counsel across the US — and beyond — breathed a sigh of relief when the FinCEN in March exempted all US companies and persons from beneficial ownership information reporting requirements under the Corporate Transparency Act (CTA).
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