The Corporate Transparency Act (CTA) was passed in 2020, marking a sea change in collection of beneficial ownership information from U.S. entities. In this article, Ian Herbert explores the CTA's impact on foreign trusts during a period of increased focus on transparency and illicit finance enforcement in the United States. Though U.S. reporting companies will shoulder much of the compliance burden, the new law will also substantially increase the reporting burdens on trusts, including certain foreign trusts. Providing inaccurate information could result in civil or even criminal sanctions. Herbert concludes that due to the broad reach of the CTA regulations and the increased focus on shell corporations and illicit finance, foreign trusts that hold interests in U.S. companies can expect to see increased attention from U.S. regulators in the coming years.