Federal Judge Pauses Implementation of Corporate Transparency Act, Citing Legal Concerns
A federal judge in Washington, D.C., has issued a temporary injunction against the Corporate Transparency Act, throwing a wrench into regulations aimed at curtailing financial secrecy among small businesses. The ruling, pending a lawsuit brought forth by a group of business associations, questions the burden imposed by the new law that requires smaller enterprises to disclose their ownership details. The contested legislation, passed with the intent of preventing illicit activities such as money laundering, mandates that businesses with fewer than 20 employees submit significant ownership information to the Financial Crimes Enforcement Network (FinCEN). This provision, … Read more