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 U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act (CTA) for U.S. citizens and domestic businesses. The Biden-era law, designed to combat money laundering,

The Trump administration won’t enforce a Treasury Department rule requiring shell companies to disclose their owners and beneficiaries

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,