Treasury Department Abandons Anti-Money Laundering Enforcement
The US Treasury Department has announced that it will no longer enforce an anti-money laundering law, which requires business entities to disclose the identities of their real beneficial owners. The Biden-era Corporate Transparency Act has faced repeated legal challenges and opposition from the Trump administration, who deemed it a burden on low-risk entities. The decision allows millions of US-based businesses to avoid disclosing this information.
- This move raises questions about the government's ability to regulate financial activities and ensure accountability among corporate leaders, particularly those with ties to illicit funds laundering.
- How will the lack of enforcement impact the overall effectiveness of anti-money laundering regulations in the United States?