Corporate Transparency Act Suspended

The U.S. Treasury Department announced the temporary suspension of the Corporate Transparency Act (“CTA”) for U.S. citizens and domestic companies. The CTA, enacted in 2021, requires legal entities to report their real beneficiaries to the Financial Crimes Control Network (FinCEN), with the aim of combating money laundering and the financing of terrorism. The suspension responds to concerns about the administrative burden that the Act imposes on…