U.S. Corporate Transparency Act (CTA)

A U.S. Corporate Transparency Act (CTA) is a United States federal law requires the disclosure of beneficial ownership information of U.S. companies.

• AKA: National Defense Authorization Act For Fiscal Year 2021.
• Context:
  • It can have been initiated to address challenges related to Anonymous Shell Companies.
  • It can (typically) requires companies to file information about their Beneficial Owners with the Financial Crimes Enforcement Network (FinCEN).
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• Example(s):
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• Counter-Example(s):
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• See: Anti-Money Laundering Regulation, Financial Crimes Enforcement Network.

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References

2024

• (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/National_Defense_Authorization_Act_for_Fiscal_Year_2021 Retrieved:2024-1-4.
  • The William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021) is a United States federal law which specifies the budget, expenditures and policies of the U.S. Department of Defense (DOD) for fiscal year 2021. Analogous NDAAs have been passed annually for 59 years. The act is named in honor of Representative Mac Thornberry, who served as either the chair or the ranking member of the House Armed Services Committee. Thornberry retired from Congress at the end of the congressional session. The $740 billion bill includes pay raises for America's soldiers, modernizations for equipment, and provisions to require more scrutiny before troops are withdrawn from Germany or Afghanistan. President Donald Trump had threatened to veto the bill because it did not include a repeal of 1996 legislation shielding internet companies from being liable for what is posted on their websites by third parties. The bill also includes a provision to limit the president's use of emergency declarations to divert military construction funds to finance the expansion of the Mexico–United States barrier. Another provision within the act would require the military to rename bases that were named after figures from the Confederacy. The act also contains multiple anti-money laundering provisions and effectively bans anonymous shell companies. The bill passed both the House and Senate with veto-proof majorities on December 11, 2020. On December 23, President Trump vetoed the bill. The House and Senate voted on December 28, 2020, and January 1, 2021, respectively, to override the veto; this was the only veto override of Trump's presidency.

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