The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities. In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies. "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.

Reuters Sun, March 2, 2025 at 5:50 p.m. PST 1 min read

(Reuters) - The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real 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.

“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.

(Reporting by David Ljunggren; Editing by Jamie Freed)

    • Remember_the_tooth@lemmy.worldOP
      3·
      15 hours ago

      Public came in, and they caught me red-handed

      Working for the state next door

      Picture this we were outright flagrant

      Me supporting Russia’s war

      Putin is now laughing with his

      Little Chinese buddy, Xi

      All this time, they were plotting a

      Geopolitical spree

      But they caught me up in Moscow (it wasn’t me)

      Saw me tariff Nova Scotia (it wasn’t me)

      I wasted water down in So-Cal (it wasn’t me)

      They caught me on a recording (it wasn’t me)

      Found all my secret file folders (it wasn’t me)

      I’m an immune office holder (it wasn’t me)

      Watched my mob gettin’ louder (it wasn’t me)

      Seems like they’re a big pushover.

  • IamSparticles@lemmy.zipEnglish
    15·
    1 day ago

    In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies.

    Didn’t they just announce last week that literally anyone can pay $1M to get US citizenship without having to do anything so bothersome as starting a business here or creating jobs?

    • Remember_the_tooth@lemmy.worldOP
      6·
      1 day ago

      No, no! They said:

      “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."

      Can’t you read? /s