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Corporate Transparency Act Faces Legal Hurdles
The Corporate Transparency Act (CTA) – passed by Congress in 2021 to protect the U.S. financial system from illicit use and prevent bad actors from abusing legal entities – officially went into effect in January of this year. Yet since it was enacted, the law – focused on minimizing financial crimes such as money laundering, tax fraud and terrorism financing – has been plagued by legal setbacks.
While the CTA was passed with good intentions, it has faced mounting criticism. CGS3 attorneys Phil Jelsma and Ulrick Matsunaga recently summarized six cases now pending in the federal court system which challenge the CTA’s constitutionality in an article written for The Daily Journal and The Daily Transcript.
The full article can be read in The Daily Journal here and The Daily Transcript here (subscriptions required).