Treasury Department Abandons Anti-Money Laundering Law Enforcement
The US Treasury Department announced it will not enforce an anti-money laundering law requiring the disclosure of beneficial owners, citing concerns for low-risk entities and small businesses. This decision comes amid repeated legal challenges to the Biden-era Corporate Transparency Act, which aims to combat illicit funds laundering in the United States. The act's supporters argue that its abandonment undermines efforts to tackle money laundering.
- The relaxation of anti-money laundering regulations may embolden individuals and organizations to engage in illicit activities without fear of detection, potentially threatening national security and economic stability.
- How will the lack of transparency and oversight impact the US government's ability to track and prevent the flow of illicit funds from abroad?