US Treasury Department declines to enforce anti-money laundering law
The U.S. Treasury Department announced on Sunday that it will not enforce penalties under the Corporate Transparency Act, which requires millions of business entities to disclose the identities of their true beneficial owners.
The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities. The act has faced repeated legal challenges.
In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies, News.Az reports, citing Reuters.
"Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses," it said, adding that it intended to issue a rule to narrow the scope of the act to foreign reporting companies.
The measure's supporters say it was designed to address the growing popularity of the United States as a venue for criminals to launder illicit funds.
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