The Corporate Transparency Act (CTA) of 2021 will become effective from January 1, 2024. Enacted in response to the corruption exposed in the Panama Papers scandal, the CTA will bring about a significant shift in reporting obligations and transparency measures for family offices.
This insight discusses the bill, highlights key definitions and explores its implications for family offices.
What is the Corporate Transparency Act?
In an effort to fight financial crimes, the US Congress passed the Corporate Transparency Act (CTA) in 2021. The CTA Act has five main objectives: