A district judge in Alabama Friday ruled that the U.S. Corporate Transparency Act is unconstitutional, potentially throwing a wrench into the government's collection of corporations' and other legal entities' beneficial ownership data as mandated by the 2021 law.
A U.S. district judge's ruling against the Corporate Transparency Act promises to disrupt the Treasury Department's collection and provision of beneficial ownership information while the anticipated appeals process play out, legal analysts told ACAMS moneylaundering.com.
The Financials Crimes Enforcement Network filed a notice of appeal seeking reconsideration of a lower court decision concerning the constitutionality of the Corporate Transparency Act.
March 11, 2024