Lexology December 18, 2023
Starting January 1, 2024, many privately-owned entities will be exposed to ongoing disclosure and reporting obligations required by the Corporate Transparency Act (“CTA”). The goal of the CTA is to strengthen national security and the integrity of the U.S. financial system by making it more difficult for illicit actors to use shell companies for money laundering, terrorism, tax evasion and other financial crimes. The CTA will not only assist the U.S. government with uncovering these crimes, but it will also help international efforts to expose individuals that defraud governments around the world. While privately-owned entities and their shareholders have historically enjoyed a degree of confidentiality regarding their internal affairs, the CTA subjects many entities, including health care providers, to new...
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