The Corporate Transparency Act will reduce shell companies
LHH, 2024 - LHH is a global provider of end to end HR solutions including talent acquisition and job recruitment solutions. “Navigating the Corporate Transparency Act” 2/14, https://www.lhh.com/us/en/insights/corporate-transparency-act/ //DH
In an effort to enhance corporate transparency and combat financial crimes, the Corporate Transparency Act (CTA) was signed into law, signaling a new era for businesses in the United States. The act went into effect on January 1st, 2024. This new legislation will dramatically change the business compliance landscape—affecting reporting requirements for corporations, LLCs, and other small business entities in the United States. The law aims to mitigate the risk of a number of financial crimes but is primarily designed to reduce the number of lawbreakers involved in money laundering and criminal financial shell companies.