this post was submitted on 04 Mar 2025
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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)

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[–] homesweethomeMrL 24 points 4 days ago (1 children)
[–] Remember_the_tooth 8 points 4 days 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

[–] [email protected] 16 points 4 days ago (2 children)

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?

[–] HeyThisIsntTheYMCA 8 points 4 days ago

Five million, but yeah

[–] Remember_the_tooth 5 points 4 days ago

Then, they'll be American citizens who are also wealthy. They're very rarely criminals. Just look at their incarceration rates! Practically insignificant.

[–] [email protected] 7 points 4 days ago (1 children)

Never had there been a more obvious admission of guilt

[–] Remember_the_tooth 5 points 3 days 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.

[–] Treczoks 9 points 4 days ago (2 children)

Ah, the party of law and order.

[–] [email protected] 3 points 4 days ago

It's a dog whistle for punishing black and brown people, like everything else

[–] Remember_the_tooth 3 points 4 days ago

Party then law, in that order.