I am pleased to have been a guest on FTI‘s Fraud Eats Strategy podcast series, hosted by Scott Moritz. In an episode entitled How Transparent is the Corporate Transparency Act, we explore the cornerstone of the newly-passed Anti-Money Laundering Act of 2020, the Corporate Transparency Act (“CTA”).
The CTA requires covered legal entities to report their beneficial owners at the time of their creation to a database accessible by U.S. and foreign law enforcement and regulators, and to U.S. financial institutions seeking to comply with their own anti-money laundering (“AML”) compliance obligations. As we discuss, the CTA strikes at beneficial ownership and the misuse of shell corporations — issues which have been at the heart of global AML regulation and enforcement for years. But the CTA is not perfect, and the logistics of its implementation will be daunting.
We hope you enjoy the podcast.