As the world awakens to a new reality, i.e., the triumphant return of Donald Trump to the White House, the deregulation process has well begun in the United States. Here's an example of the potential application of an AML rule, brought to a sudden halt by the intervention of the courts:
On December 23, 2024, an article in the New York Times, alerted... New Anti-Money Laundering Measures Pass a Legal Roadblock. Millions of companies may have to report information about their owners to the Treasury Department by Jan. 1 under an appeals court ruling.
Under the Corporate Transparency Act, an anti-money-laundering law that passed in 2020, companies would have had to turn over the identities of their “beneficial owners,” the people who own 25 percent or more of the company, or exercise significant control over it, by next year. But the law has been challenged in the courts. FinCEN (Financial Crimes Enforcement Network) has estimated that 32.6 million companies would need to register under the law, with at least three times that number of individuals that could be concerned
On December 27, 2024, another article in the New York Times warned that... Enforcement of Anti-Money-Laundering Law Blocked After Court Reversal. Businesses will not have to reveal their owners after an appeals court reversed a move that would...
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