Carlsmith Partner Gerald A. Sumida Shares Insights on the Corporate Transparency Act

Honolulu partner Gerald A. Sumida has given presentations on the Corporate Transparency Act (CTA), most recently as the featured speaker for a special webinar hosted by the Chamber of Commerce Hawaii.

The U.S. Congress enacted the CTA to discover and crack down on money laundering, terrorist financing, and other illegal financial activities that businesses might otherwise undertake under the cloak of corporate anonymity. The CTA goes into effect on January 1, 2024, and imposes new reporting and filing requirements on affected U.S. business entities and foreign entities registered to do business in the U.S. Civil and criminal penalties attach for failure to file as well as for filing false or misleading reports. The CTA applies in all U.S. jurisdictions, including Guam, CNMI, and American Samoa.

Mr. Sumida has served as Chair of the Chamber’s Board of Directors, and is a member of the firm’s Business, Corporate & Finance practice group. He has been recognized in multiple practice areas in Best Lawyers in America, including being named “Lawyer of the Year” for Energy Law in 2024 and for Corporate Governance Law in 2022, and is also listed in Chambers USA for Corporate/Commercial Law, Band 1.