USA: Anonymous Shell Companies Will Need to Disclose Ownership Under New Law
On Friday 1 January 2021, the U.S. Congress voted to override President Trump’s veto in order to pass the National Defence Authorisation Act for fiscal year 2021.
On Friday 1 January 2021, the U.S. Congress voted to override President Trump’s veto in order to pass the National Defence Authorisation Act for fiscal year 2021. This legislation approved certain annual spending by the Department of Defence and other agencies.
The Act is a milestone, as it represents some of the most sweeping anti-corruption legislation enacted in decades and continues recent efforts to root out tax evasion, money laundering, terrorism financing, and other perceived threats to U.S. national security interests. The Act requires the Treasury Department to issue regulations within one year which will require certain entities (both new and existing) to file a report with the U.S. federal government which discloses information regarding certain beneficial owners of the entity. This alert highlights the information we know thus far regarding the required disclosures.
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