On 8 December 2021, Treasury issued Notice of Proposed Rulemaking to allow the public to review and comment on proposed regulations to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act. Passed on 1 January 2021, the CTA imposes on so-called “Reporting Companies” the obligation to report to Financial Crimes Enforcement Network information regarding their “Beneficial Owners” and company “Applicants.”
Welcome to our first quarter issue of the Private Wealth Newsletter. Our featured insight for this issue is a discussion of the passage of the Corporate Transparency Act by the United States to introduce federally-mandated beneficial ownership reporting obligations for US corporations and limited liability companies. We also include insights…
On 21 March 2019, the US Internal Revenue Service (IRS) issued final regulations (the Final Regulations) relating to FATCA verification and certification requirements. FATCA Sponsoring entities, trustees of trustee documented trusts (TDTs) and compliance financial institutions should review their FATCA compliance under the Final Regulations to ensure compliance. The Final…