(Reuters) – The U.S. Treasury Division mentioned on Sunday it could not implement an anti-money laundering regulation that obliges tens of millions of enterprise entities to reveal the identities of their actual helpful house owners.
The Trump administration has opposed the Biden-era Company Transparency Act on the grounds that it’s a burden on low-risk entities. The act has confronted repeated authorized challenges.
In a press release, the Treasury Division mentioned it could not implement any penalties below the act in opposition to U.S. residents or home reporting firms.
“Treasury takes this step within the curiosity of supporting hard-working American taxpayers and small companies,” it mentioned, including that it meant to subject a rule to slender the scope of the act to international reporting firms.
The measure’s supporters say it was designed to handle the rising recognition of the USA as a venue for criminals to launder illicit funds.
(Reporting by David Ljunggren; Enhancing by Jamie Freed)
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