The United States’s progress on implementing the beneficial ownership information (BOI) reporting requirements contained within the Corporate Transparency Act (CTA) earned it praise from the intergovernmental Financial Action Task Force (FATF).
The FATF upgraded the United States to “largely compliant” with its recommendations on transparency and beneficial ownership of legal persons. The designation, announced in a report published Tuesday, snaps a run of seven straight evaluations where the country was deemed noncompliant.
