On Dec. 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction preventing the federal government from requiring certain businesses to report their “beneficial owners” to the U.S. Department of the Treasury by January 1, 2025.
This reporting requirement was passed by Congress in the Corporate Transparency Act, which is a law intended to help the Treasury Department target illicit financial activity. The Texas district court concluded that the CTA’s reporting requirement was unconstitutional and, therefore, it issued the preliminary injunction.
Read the complete article: An anti-money laundering law called the Corporate Transparency Act ( CTA)
