In a world where transparency is always increasing: the US has adopted the “قانون شفافیت شرکت ها” requiring the disclosure of any Beneficial Owner having over 25% control.
The Act includes the LLCs and Statutory Trusts as reporting entities.
This will be enforced no later than: 1st January 2023.
Failure to comply with the Act’s reporting requirements can result in civil penalties of up to $10,000, as well as jail time in the case of criminal non-compliance.
It is now crucial to organize your affairs and structures in a compliant matter prior to the deadline. Contact us to know how this can affect you.
The law is available for download below: