Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes Jonathan Wilson, lawyer and co-founder of the FinCEN Report Company, which will simplify filing beneficial ownership reports under the Corporate Transparency Act.

The Corporate Transparency Act is a bipartisan law passed in 2020 to combat corporate anonymity and money laundering in the US. The law requires companies to disclose personal information about individuals with ownership stakes or substantial control. The FinCEN Report Company offers an online filing engine for easy submission of reports. This new tool facilitates collaboration between attorneys and clients, ensuring authorized access to information. The Corporate Transparency Act aims to protect the integrity of the financial system and prevent illicit activities by creating a database accessible to banks and law enforcement. Although the law’s implementation has been delayed, businesses must prepare for initial beneficial ownership reports. The law is crucial in combating money laundering globally, aligning the US with Western Europe in anti-money laundering efforts,s and promoting international cooperation.

 Key Highlights:

·   The FinCEN Report: Simplifying Corporate Transparency

·   Corporate Transparency Act and Law Firm Collaboration

·   Corporate Transparency Act Implementation

·   Challenges of Identifying Beneficial Owners

·   The Corporate Transparency Act: Combating Money Laundering

Resources

Jonathan Wilson on LinkedIn

The FinCEN Report Company

Tom Fox

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