https://www.law.com/corpcounsel/2024/04/16/firms-are-stuck-with-abiding-by-new-anti-secrecy-law-even-though-judge-ruled-it-unconstitutional/
Credit: Africa Studio/stock.adobe.comANALYSIS
“Treasury’s targets are those dubious LLCs without operations and employees that are holding shell companies hiding assets,” said Snežana Gebauer, a partner at the compliance consulting firm StoneTurn.
April 16, 2024 at 07:24 AM
6 minute read
What You Need to Know
- Congress passed the Corporate Transparency Act in December 2020, and it went into effect this year.
- An Alabama judge last month ruled that by imposing a litany of reporting requirements on businesses, lawmakers exceeded their authority.
- But rather than providing relief to the 33 million businesses covered under the law, the ruling merely added to the confusion surrounding it.
Companies anticipating a reprieve from the Corporate Transparency Act’s reporting requirements may be celebrating prematurely.
Even though a federal judge in Alabama last month ruled that the anti-money-laundering law is unconstitutional, the U.S. Treasury Department said that it nonetheless will enforce the measure and expects organizations to file beneficial ownership information with the Financial Crimes Enforcement Network by an end-of-year deadline.
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