On December 16, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the Corporate Transparency Act, the most significant new federal anti-money laundering law in a generation.
A nationwide preliminary injunction preventing Treasury from enforcing the Corporate Transparency Act “is a Christmas gift to criminals who use anonymous shell companies to traffic fentanyl, exploit people, and hide dirty money.”
The Court of Appeals must find the Corporate Transparency Act constitutional and allow this long overdue U.S. financial reform to continue to be fully implemented. If not, the Court will give a free pass to fentanyl traffickers, tax evaders, and U.S. adversaries to abuse the opacity of the U.S. financial system.
The Treasury has appealed a recent federal court ruling finding the landmark Corporate Transparency Act unconstitutional, as urged by FACT and other transparency advocates.
Treasury says it will continue ownership information reporting after legal setback in Alabama, and FACT provides comments on Australia’s revised public country-by-country reporting draft legislation.
On March 1, a federal district judge in Alabama issued an opinion finding the landmark Corporate Transparency Act unconstitutional, potentially undermining a once-in-a-generation U.S. anti-money laundering and national security victory.
