Federal law focuses on individuals who use shell companies and other tools to hide money around the world.
U.S. Department of the Treasury Financial Crimes Enforcement Network
Beneficial Ownership Reporting is the law
When Congress enacted the Corporate Transparency Act in 2021, the law became another tool used to thwart individuals who might use shell companies to evade taxes, launder money and attempt to keep themselves anonymous.
Beginning on January 1, 2024, many companies in the United States will have to report information about the individuals who own or control the company, i.e., the beneficial owners. This information must be reported to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.