U.S. Treasury Halts Enforcement Of Anti-Money Laundering Law, Claiming The Decision Supports Small Businesses

The U.S. Treasury Department will not enforce the Corporate Transparency Act’s anti-money laundering provisions against U.S. citizens or domestic reporting companies. The Trump administration has opposed the Biden-era law, arguing it imposes undue burdens on low-risk entities. Treasury stated the decision supports American taxpayers and small businesses and intends to narrow the law’s scope to foreign reporting companies. Supporters argue the measure targets illicit financial activity in the U.S., which has become a hub for money laundering.