Mandating "true owners' identity disclosure" to prevent using shell companies to conceal criminal revenue, the Corporate Transparency Act (CTA), 31 U.S.C. Section 5336, et. seq., creates myriad cannabis industry headaches.
Will the Corporate Transparency Act Smother the Cannabis Industry?
The CTA requires business entities to file information on their "beneficial owners" with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.
By
Steve Schain
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