S&C Partners and Co-Heads of the Firm’s National Security Practice Sharon Cohen Levin, Anthony Lewis and Nicole Friedlander examined the Corporate Transparency Act (CTA) and Beneficial Ownership Information Reporting Rule (BOI rule) in an article for Financier Worldwide. The authors outline the regulations and discuss the effects of recent challenges and revisions to the BOI rule.
“Addressing illicit finance, money laundering, financing of terrorism and proliferation, among other criminal activity, are objectives that are uncontroversial. Nevertheless, it remains to be seen what shape the BOI rule will take to manage or limit the burden of the system as originally devised and navigate the legal issues raised in litigation regarding its constitutionality,” the authors write.
Read: “The Rise and Fall of Beneficial Ownership Information Reporting”