"U.S. Launches Ownership Registry for Transparency in Asset Reporting"
The U.S. Financial Crimes Enforcement Network (FinCEN) has started accepting beneficial ownership information reports as mandated by the Corporate Transparency Act. This initiative aims to combat illicit financial activities by requiring companies to disclose the identities of their true owners. Existing businesses have until January 1, 2025, to comply, while new companies must file within 90 days of their creation or registration. The reporting process is designed to be straightforward and free, with resources available to assist small businesses in meeting their reporting obligations.