The United Nations Office on Drugs and Crime estimates that between $800 billion and $2 trillion in drug money is laundered annually. So, too, is money intended to support terrorism. The International Monetary Fund warns about terrorism financing and proliferation financing, i.e., providing funds for nuclear, chemical, or biological weapons. And for the embezzlers and criminal enterprises out there, your money has to be cleaned, too. But you already know that.

Editor’s Note: Scroll down for an important update about the CTA.

As of Jan. 1, 2024, in an effort to combat money laundering and related activities, domestic and foreign entities registered to do business in the United States must comply with new “beneficial ownership reporting requirements” imposed under the Corporate Transparency Act.

Listen to what veteran attorney Lori Smith of Stradley Ronon has to say about the Act, something 30 million companies will have to follow in the Act’s first year. Lori provides insights for business executives and attorneys on key facets of the requirements, potential penalties, and chances for litigation.

Update: CTA Held Unconstitutional in Alabama

Lori Smith wrote on LinkedIn:

“It remains to be seen what this really means as the decision is likely to be appealed and for now by its terms, the injunction imposed by the judge only applies to the plaintiffs in the Alabama case. It will be interesting to see if additional cases are filed. There was one case filed already in Ohio, but the real test will be if there are significant challenges around the country, especially on behalf of large trade associations or other groups representing small businesses.”

The decision was handed down on Friday, March 1, by Judge Liles C. Burke.

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Tom Hagy
Litigation Enthusiast and
Host of the Emerging Litigation Podcast
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FILED UNDER: Complex Litigation | Constitutional | Financial Litigation | Regulations + Compliance​​
TAGS: Appeals | Corporate & Securities | Fraud | Government Enforcement