Financial Accountability and Corporate Transparency Act

The Financial Accountability and Corporate Transparency Act is a law designed to prevent illegal activities like money laundering and fraud. It requires certain companies to disclose detailed information about their real owners—people who ultimately control them—so authorities can track and verify who is behind a business. This promotes transparency, making it harder for criminals to hide illicit funds or conduct illegal business activities through secret company ownership. Overall, the law aims to strengthen financial system integrity and enhance enforcement against financial crimes.