Treasury Department won’t enforce beneficial ownership rule under the Corporate Transparency Act - ICIJ

Corporate Transparency Act aimed at curbing use of anonymous shell companies to conduct illegal financial activity in part by recording and maintaining a list of the true owners of certain U.S. businesses.

The law’s reporting requirements went into effect on January 1, 2024 , and businesses had a year to file a beneficial ownership information report.

Critics say the move will weaken national security and create new pathways for illicit financial activity.

The Financial Actions Task Force , or FATF , is an inter-governmental watchdog that sets the standards for nations’ anti-money laundering laws.

The timing of this move by the Trump administration could not be worse, Gary said.

The first Trump administration lauded Congress ’ bipartisan efforts to enact the law when the House passed it in October 2019 .