The CTA and NYTA are two significant pieces of legislation designed to enhance corporate transparency and prevent unlawful activities such as money laundering and tax evasion. This article discusses the acts' impact on the New York real estate industry and compares them to related legislation in other global markets.
June 21, 2024 at 10:00 AM
8 minute read
The Corporate Transparency Act (CTA) and New York Limited Liability Company Transparency Act (NYTA) are two significant pieces of legislation designed to enhance corporate transparency and prevent unlawful activities such as money laundering and tax evasion.
The CTA applies to a broad range of domestic and foreign entities that report to the Financial Crimes Enforcement Network (FinCEN). (31 U.S.C. §5336(a)(11)).
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