Financial Crimes, Disclosure Requirements, U.S. Treasury

Senators pen bipartisan letter arguing rescission of Treasury rule

Orrick, Herrington & Sutcliffe LLP on 6/9/2025

On May 27, Sens. Sheldon Whitehouse (D-RI) and Charles Grassley (R-IA) wrote to the Treasury encouraging recission of the interim final rule requiring “foreign reporting companies,” but not domestic entities or U.S. citizens,...more

Treasury Issues Request for Information on Use of AI in Financial Services

Ballard Spahr LLP on 6/17/2024

The U.S. Department of the Treasury (“Treasury”) has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (“AI”) in the Financial Services Sector (“RFI”). Written comments are...more

Corporate Transparency Act Found Unconstitutional for Certain Businesses

Buchalter on 3/26/2024

In March 2024, the Northern District of Alabama held that Congress exceeded its Constitutional authority by enacting the Corporate Transparency Act (“CTA”). The CTA requires variety corporate entities—everything from LLCs to...more

Constitutional Clash: U.S. District Court Landmark Decision Declares the Corporate Transparency Act Unconstitutional

Falcon Rappaport & Berkman LLP on 3/15/2024

In 2021, Congress passed the Corporate Transparency Act (CTA), which will be administered and enforced by the Financial Crimes Enforcement Network (“FinCEN”) of the United States Treasury Department, in an effort to implement...more

Federal District Court Rules Corporate Transparency Act Unconstitutional

Willcox & Savage on 3/11/2024

On March, 1, 2024, the U.S. District Court for the Northern District of Alabama held that the federal Corporate Transparency Act (CTA) is unconstitutional. The plaintiffs in the case are the National Small Business...more

Law Firms Guiding Compliance With Corporate Transparency Act as FinCEN Sets Deadlines

Fox Rothschild LLP on 2/10/2023

The Corporate Transparency Act is now poised to take effect on January 1, 2024 (the “Effective Date”), and will immediately impose sweeping new disclosure duties when new entities are formed. During 2024, the other CTA shoe...more

You Say Prĭvacy and I Say Prīvacy: Tips to Take Away

Levenfeld Pearlstein, LLC on 11/10/2022

Increasing demand for transparency and tax rules focused on the ownership of foreign financial accounts and interests in foreign trusts and entities affect private wealth planning. There are steps you can take to comply with...more

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