The Treasury Department’s decision to limit reporting requirements under the landmark Corporate Transparency Act to only foreign entities is a boon for fentanyl traffickers, domestic criminals, and tax cheats.
FACT urges Treasury to resume full implementation of the landmark Corporate Transparency Act following a federal district judge’s stay of the last nationwide preliminary injunction preventing broad enforcement of the law.
FACT applauds the U.S. Supreme Court’s decision to stay a nationwide injunction against the landmark Corporate Transparency Act, clearing a major hurdle to enforcement of the most consequential 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.”
While major progress has been made in 2024 on key anti-money laundering priorities, more work is needed to counter corruption and ensure government integrity and accountability to the public.
Read the new letter from FACT and Transparency International U.S. urging Treasury to meet its statutory deadline for important aligning regulations required under the Corporate Transparency Act.
