Reinhard von Hennigs explains the Corporate Transparency Act (CTA), a law aimed at increasing corporate transparency to build trust in business transactions.
The CTA has faced multiple legal challenges and was recently suspended by the U.S. Department of the Treasury as of March 2nd, 2025. The act intended to collect beneficial ownership information to prevent fraud and enhance decision-making.
However, it raised concerns regarding data privacy and FinCEN's management of collected information. Reinhard argues for the need for unified global reporting standards and suggests that companies with inherent transparency practices are less affected by such regulations.
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