{"id":5409,"date":"2023-06-05T09:52:24","date_gmt":"2023-06-05T09:52:24","guid":{"rendered":"https:\/\/diskdrive33.com\/mks\/?p=5409"},"modified":"2023-06-05T09:52:24","modified_gmt":"2023-06-05T09:52:24","slug":"martin-kenney-toronto-star-new-us-transparency-act","status":"publish","type":"post","link":"https:\/\/diskdrive33.com\/mks\/2023\/06\/05\/martin-kenney-toronto-star-new-us-transparency-act\/","title":{"rendered":"OPINION | Martin Kenney writes for Toronto Star on new US transparency act"},"content":{"rendered":"

Calls for greater corporate transparency in the U.S. are well-intentioned, but flawed, writes Martin Kenney<\/h2>\n

In his latest op-ed, for the Toronto Star<\/a>, our Head of Firm Martin Kenney<\/a> opines on the likely effectiveness (or otherwise) of the USA’s Corporate Transparency Act, which will create a beneficial ownership database and require the filing of beneficial information from 1st January next year.<\/p>\n

With the International Consortium of Investigative Journalists (ICIJ)<\/a> being the latest organisation to publicly cast doubt on the Act’s efficacy, Martin<\/a> highlights several flaws: including, for example, that victims of fraud and corruption will be shut out of access to the register that the Act creates.<\/p>\n

Meanwhile, in a 12-page letter earlier this year, the American Bankers Association<\/a> and 51 state associations said that by barring banks from using ownership details for any purpose other than complying with customer due-diligence rules, and prohibiting them from sharing that information outside the US, the plan, as currently written and overseen by the Dept of the Treasury\/Financial Crimes Enforcement Network<\/a>, would make the database \u201cpractically useless.\u201d<\/p>\n

Martin writes:<\/h3>\n
\n

My view remains that access to highly sensitive company ownership information should be limited to law enforcement, tax authorities and, subject to a judge\u2019s permission, private civil victims of fraud seeking to recover their stolen assets.<\/p>\n

As it stands, the Corporate Transparency Act sensibly excludes public access to the company database it establishes. Access has been limited to law enforcement \u2014 once a judge signs off on a request. This has created another flaw: victims of fraud and corruption are shut out of access to the register. A discovery right to plaintiffs of civil cases should be permitted, with a judge acting as the gatekeeper.<\/p>\n<\/blockquote>\n

Read the full article in The Toronto Star<\/a><\/strong>\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In his latest op-ed, for the Toronto Star, our Head of Firm Martin Kenney opines on the likely effectiveness (or otherwise) of the USA’s Corporate Transparency Act, which will create a beneficial ownership database and require the filing of beneficial information from 1st January next year.<\/p>\n","protected":false},"author":2,"featured_media":5411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[281,132,261,69],"class_list":["post-5409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","tag-corporate-transparency-act","tag-martin-kenney","tag-toronto-star","tag-ubo"],"yoast_head":"\nOPINION | Martin Kenney writes for Toronto Star on new US transparency act - MKS<\/title>\n<meta name=\"description\" content=\"Head of MKS Martin Kenney writes for the Toronto Star on the likely effectiveness of the USA's Corporate Transparency Act.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPINION | Martin Kenney writes for Toronto Star on new US transparency act - 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