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Email The Corporate Transparency Act (the CTA), which recently became effective on January 1, 2024, requires many domestic and foreign companies doing business in the United States to file a beneficial ownership report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCen). However, a recent decision by an Alabama District Court found the CTA unconstitutional in part because the law “exceeds the Constitution’s limits on the legislative branch” and thus is neither necessary or proper to achieve Congress’ policy goals. https://www.cadwalader.com/resources/articles/challenges-to-the-corporate-transparency-act