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The Corporate Transparency Act, or CTA, is a U.S. federal law that was passed in 2020. Its primary aim is to combat money laundering and the use of anonymous shell companies by requiring certain companies to report their beneficial ownership information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA is significant in the fight against financial crimes as it helps law enforcement agencies and regulators to better trace and identify the individuals behind potentially illicit activities involving anonymous shell companies. It aids in making it more difficult for criminals to hide their assets and financial dealings.