Reported by FACT Coalition

On Sunday, the Department of Treasury announced via social media that it no longer intends to enforce the landmark Corporate Transparency Act (CTA) – the 2021 law that, for the first time, requires disclosure of information on the true owners of anonymous shell companies – against domestic entities and persons. This dramatic reversal of Treasury’s previous commitment to full implementation and enforcement of the CTA would, if sustained, remove reporting obligations from as many as 99.8 percent of all covered entities, effectively gutting the most significant anti-money laundering law in a generation.

As noted by FACT executive director Ian Gary in a statement following Treasury’s announcement, anonymous shell companies have long been “a favorite tool of our nation’s global adversaries and criminals including fentanyl traffickers, money launderers, and tax cheats.” This fact was well recognized by the first Trump Administration, who, prior to the CTA’s passage, endorsed the legislation as representing “important progress in strengthening national security, supporting law enforcement, and clarifying regulatory requirements.”

Read full report: https://thefactcoalition.org/just-the-facts-03-06-25/