The Washington, D.C. Chapter will host this year’s Black-Tie weekend, which was also a topic of today’s discussion. The theme of this year’s event will be a focus on our Central and South American INBLF partners.

The Washington, D.C. INBLF Chapter members were also briefed today on the newly effective Corporate Transparency Act, by Yitz Weiss—an attorney at the DC Chapter firm, Ivins, Phillips & Barker. We learned today that the Act was enacted in 2021, but became effective on January 1, 2024, and was designed to combat money laundering and other illegal activities by requiring certain U.S. entities to file a Beneficial Ownership Information report with a bureau of the Treasury Department, FinCEN. The Act applies broadly to many small-to-mid-size corporations, LLCs, limited partnerships, and similar entities. Entities that fail to file an initial report by the end of 2024 can be fined up to $500 per day and the owners can be subject to two years of imprisonment.