# US Corporate Transparency Act enacted, mandating beneficial-ownership disclosure

Date: 2021

The Corporate Transparency Act became law on 1 January 2021 as part of the Anti-Money Laundering Act of 2020 within the National Defense Authorization Act for Fiscal Year 2021, after Congress overrode a presidential veto. The law requires many US companies to disclose their true 'beneficial owners' to the [Financial Crimes Enforcement Network (FinCEN](/organizations/gov-fincen)), aiming to end the use of anonymous shell companies to launder money and hide illicit finance. Representative Carolyn Maloney was the long-time lead sponsor of the underlying transparency legislation, working for years with the anti-corruption FACT Coalition.

## Drivers

- Anti-corruption enforcement capacity: https://factrail.ai/drivers/gov-anti-corruption-enforcement
- State capture pressure: https://factrail.ai/drivers/gov-state-capture-pressure

## Sources

_Sources are listed on the canonical page._

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/gov-fact-corporate-transparency-act-enacted-2021