Wednesday, January 18, 2023
12:00 - 1:30 PM ET

Program Description:

The Webinar will cover developments in three areas of transparency: (1) the final beneficial ownership information reporting regulations under the Corporate Transparency Act; (2) the Enabler's Act, and (3) US sanction initiatives in the private client space. Tax professionals need to have a general understanding of these areas to advise clients and avoid pitfalls.

Corporate Transparency Act. Treasury Secretary Janet Yellen noted in December of 2021 that the United States might be "the best place to hide and launder ill-gotten gains." In fact, the US topped the 2022 Financial Secrecy Index, ahead of Switzerland and Singapore, as the best country to allow money to be hidden and laundered. In September of 2022, the Financial Crimes Enforcement (FinCEN) of the US Department of the Treasury released the first ever US beneficial ownership information reporting legislation, effective as of January, 2024, intended to require beneficial owners and individuals who assist in the formation of certain entities, such as LLCs, to disclose identifying information in a centralized, secure, non-public register maintained by FinCEN. Learn the ABCs of this new legislation which will require the disclosure and updating of specified information to FinCEN, so as to combat the proliferation of anonymous shell companies that facilitate the flow and sheltering of illicit money in the United States.

The Enabler's Act. Under this Act, service providers, to include attorneys and accountants providing certain types of work, as well as persons performing financial advice, forming entities, rendering investment advice and servicing trusts would be required to conduct anti-money laundering (AML) due diligence. An update will provided as to the progress of this Act in Congress.

Sanctions Update. With the Ukraine war continuing, it is important to know the sanctions the United States has imposed against Russian elites, oligarchs and proxies to avoid an inadvertent violation of these strict prohibitions, which apply on a strict liability basis and may result in serious civil and/or criminal penalties.

By the end of this session, attendees will gain an understanding of:

• Developments in the Transparency Area
• Corporate Transparency Act
• Update on U.S. Sanctions Imposed on Russian Elites, Oligarchs and Enablers

Panelists:
Alan Granwell, Holland & Knight, Washington, DC (Moderator)
James Austen, Partner, Collyer Bristow UK
Megan Worrell, Managing Director, JP Morgan Private Trust, New York, NY (Invited)
Bruce Zegaris, Berliner Corcoran & Rowe, Washington, DC

Registration:

Webinar are free for IFA USA members.
Non member rate: $100

Please note that the registration process will be in two steps. First, purchase your pass on our website by clicking the Register button above. After you complete your registration, you will receive an invitation from the Zoom platform where you will need to complete your registration for the live virtual event.

Scholarship Information

Cancelation and Refund Policy

CLE/CPE Information

Recommended CLE credits: 1.5 Taxation
Recommended CPE credits: 1.5 Taxes
In accordance with the standards of the National Registry of CPE Sponsors, CPE credits have been granted based on a 50-minute hour. IFA USA National Registry Sponsor # 112000
Program Level: Basic-CPE, Intermediate-CLE
Program prerequisites: None
Advanced Preparation: None

USA Branch, International Fiscal Association Inc. (IFA USA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org

National Registry Sponsor #112000