The Corporate Transparency Act

In 2020 the US Federal Government passed the Anti-Money Laundering Act, which included the Corporate Transparency Act (the “CTA”). The CTA requires reporting of beneficial ownership information by reporting companies formed or operating in the United States. The purpose of the CTA is to prevent the formation of shell companies that enable money laundering, human and drug trafficking, terrorism, securities fraud, and other illicit activities. In today’s video we look at how the CTA affects estate planning and what reporting needs to be done by those whose plans are affected.