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Treasury Halts Enforcement of Business Ownership Reporting Rule

The Trump administration announced the end of a regulation requiring business owners to report personal data to the federal government, deeming it an "outrageous" burden on small businesses.
The Treasury Department will not enforce penalties for domestic companies under the Corporate Transparency Act while allowing enforcement against foreign companies.
Senator Tim Scott stated that small businesses need necessary time to comply with federal reporting requirements, emphasizing their importance to the economy.
Treasury Secretary Scott Bessent called this decision a "victory for common sense," as it aims to support hardworking American taxpayers and small businesses.

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Treasury suspends enforcement of Biden-era business rule

The U.S. Treasury Department says it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

4 hours ago·Milwaukee, United States

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Wall Street Journal

Trump Administration Curbs Enforcement of the Corporate Transparency Act

Treasury Department said it won’t take enforcement action against Americans or American companies who fail to file ownership information under the law

7 hours ago·New York, United States

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Alternet

'This is grim': Trump admin moves to gut anti-money laundering law

The Trump administration announced Sunday it will cease to enforce penalties and fines on businesses that fail to adhere to beneficial ownership financial reporting requirements under the Corporate Transparency Act, an anti-money laundering law passed by Congress in 2021. The announcement was panned by advocates, economists, and other critics who called the move an on-ramp for corruption.The Corporate Transparency Act, a bipartisan effort, inclu…

7 hours ago·Washington, United States

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Common Dreams

Trump Administration Moves to Gut Anti-Money Laundering Law

The announcement was panned by economists and other critics, who called the move an on-ramp for corruption.

9 hours ago·United States

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The Oregonian

Trump administration ends enforcement of small business ownership database

The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

10 hours ago·Portland, United States

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KFOR-TV

'This is a victory for common sense': Dept. of Treasury announces changes to Corporate Transparency Act

OKLAHOMA CITY (KFOR) - The Treasury Department announced on Sunday, it will notenforce any penalties or fines associated with the beneficial ownership information (BOI)reporting rule including existing regulatory deadlines. The Treasury Department took to social media "X" platform Sunday additionally saying, it will notenforce any penalties or fines against U.S. citizens or domestic reporting companies or theirbeneficial owners. According to the…

10 hours ago·Oklahoma City, United States

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