News

A new U.S. database of beneficial owners launched New Year's Day constitutes the central pillar of anti-money laundering reforms adopted two years ago, and the culmination of a long, arduous campaign to prevent criminals from using legal entities to conceal their assets. But even as the Financial Crimes Enforcement Network, also known as FinCEN, put the finishing touches on the new database pursuant to the Corporate Transparency Act, or CTA, several reforms mandated by related legislation, the AML Act, remained unfinished as the landmark bills passed their third anniversary. The AML Act directed FinCEN to craft as many as six...