Why do companies have to report beneficial ownership information (BOI) to the U.S. Department of the Treasury?
In 2021, Congress passed the bipartisan Corporate Transparency Act, introducing new requirements for reporting beneficial ownership information. This aims to enhance transparency and deter the misuse of shell companies for illicit activities. For details on Beneficial Ownership Information Reporting, visit the FinCEN FAQs.
Do you have any other questions?
So, companies in the U.S. must report Beneficial Ownership Information (BOI) to the Department of the Treasury to increase financial transparency and help combat illegal activities like money laundering. By identifying individuals who ultimately control or benefit from the company, this regulation supports government efforts to prevent the misuse of corporate structures.
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