Kneecap Announce New Album Fenian, Share Song
- Fenian arrives on April 24 via Heavenly recordings, and features Kae Tempest, Ramallah-based rapper Fawzi, and Irish musician Radie Peat.
- and Black Midi collaborator Dan Carey produced,follows the Irish rap trio's 2024 album Fine Art.
- The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, requires most U.S.
Kneecap have announced their next album. Fenian arrives on April 24 via Heavenly recordings, and features Kae Tempest, Ramallah-based rapper Fawzi, and Irish musician Radie Peat. A lead single that references British Prime Minister Keir Starmer,”Liars Tale,” is out now alongside a music video directed by Thomas James. You can watch it below.
Fenian, which Fontaines D.C. and Black Midi collaborator Dan Carey produced,follows the Irish rap trio’s 2024 album Fine Art. As that release, the group-who have long used their platform to advocate for Palestine and critique Israel-have been banned from performing in Hungary and Canada, and removed from a Scottish music festival over “concerns expressed by the police about safety.” In may, bandmember Mo Chara was also charged with a terror offense for allegedly displaying the Hezbollah flag at a concert, leading the group to cancel a U.S. tour due to its proximity to his court date. Kneecap addressed the charge, which was ultimately dropped.
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What is the Corporate Transparency Act (CTA)?
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The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, requires most U.S. companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to prevent illicit financial activity.
Prior to the CTA, the lack of readily available information about who ultimately owned and controlled companies facilitated money laundering, terrorist financing, and other crimes. The CTA aims to address this vulnerability by creating a centralized database of beneficial ownership information,making it easier for law enforcement and financial institutions to identify and investigate illicit activity. The law applies to entities created or registered in the U.S., and many foreign entities doing business here.
For example, on December 18, 2023, FinCEN finalized the rule detailing the requirements for reporting beneficial ownership information, including the types of information required and the filing procedures.This rule became effective January 1, 2024.
Who Must Comply with the CTA?
Most U.S. entities, including corporations, limited liability companies (LLCs), and other similar structures, must comply with the CTA. However, there are 23 exemptions, including certain regulated financial institutions, publicly traded companies, and entities with a considerable physical presence and more than 20 full-time employees.
The CTA’s reporting requirements apply to “reporting companies.” A reporting company is defined as any entity created or registered to do business in the United States. This includes domestic reporting companies (formed in the U.S.) and foreign reporting companies (formed outside the U.S. but doing business in the U.S.).The law focuses on identifying the individuals who ultimately own or control these entities, regardless of their formal role.
As of January 1, 2024, FinCEN’s Beneficial Ownership Information (BOI) system is open for initial reporting.For example, a newly formed LLC in Delaware must file a report with FinCEN within 30 days of its creation, disclosing its beneficial owners.
What Information Must Be Reported?
Reporting companies must disclose information about their “beneficial owners” – individuals who directly or indirectly own or control at least 25% of the company, or who exercise significant control over the company. This includes name, date of birth, address, and an identifying number from an acceptable document (like a passport or driver’s license).
In addition to beneficial owner information, reporting companies must also report information about “company applicants” – the individuals who directly file the document that creates the entity. This information is similar to that required for beneficial owners. The goal is to create a clear record of who is involved in the formation and operation of the company.
FinCEN provides a detailed list of required information and acceptable documents in its BOI Filing Requirements guide.As an example, a company applicant must provide their full legal name, date of birth, address, and a copy of their driver’s license or passport.
What are the Penalties for Non-Compliance?
Failure to comply with the CTA can result in both civil and criminal penalties.Civil penalties can reach up to $10,000 per violation, and criminal penalties can include fines of up to $10,000 and imprisonment for up to two years.
The severity of the penalties depends on the nature of the violation and whether it was intentional. fincen has emphasized that it will prioritize enforcement against willful violations and those that facilitate serious criminal activity. The government intends to use the BOI database to investigate and prosecute financial crimes more effectively.
On January 26, 2024, the Department of Justice announced its first enforcement action related to the CTA, charging a man with willfully failing to report beneficial ownership information. This case demonstrates the government’s commitment to enforcing the CTA and holding individuals accountable for non-compliance.
What is the Current Status of CTA Implementation?
The CTA’s reporting requirements went into effect on January 1, 2024. Existing companies (those formed before January 1, 2024) have until January 1, 2025, to file their initial reports. Companies formed in 2024 have 30 days from the date of formation to file.
FinCEN is actively working to implement the CTA and provide guidance to reporting companies. The agency has published a wealth of resources, including FAQs, webinars, and a Small Entity Compliance Guide. The implementation process is ongoing, and FinCEN may issue further guidance or amendments to the rule as needed.
As of February 29, 2024, FinCEN reported that over 40,000 reporting companies had already filed beneficial ownership information, demonstrating initial compliance with the new requirements.The agency continues to monitor filings and provide assistance to reporting companies.