(Reuters) – The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that forces millions of business entities to disclose the identity of their real benefit owners.
The Trump administration opposes the Biden-era Corporate Transparency Act, citing it as a burden to low-risk entities. The bill faces repeated legal challenges.
The Treasury Department said in a statement that the bill would not enforce any fines on U.S. citizens or domestic reporting companies.
“The Treasury Department has taken this step to support hard-working American taxpayers and small businesses,” it said.
Supporters of the measure say it aims to address the growing popularity of the United States as a place for illegal funding for criminals.
(Reported by David Ljunggren; Editor of Jamie Freed)
