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Lead Entity in Revising Corporate Transparency Act Regulations by December 31, 2025
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Eastern District of Texas•Corporate Transparency Act•Treasury Department•Financial Crimes Enforcement Network•FinCEN
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Texas Judge Blocks Anti-Money Laundering Corporate Transparency Act Nationwide Before 2025 Deadline
Dec 5, 2024, 02:39 PM
A federal judge in the Eastern District of Texas has issued a nationwide preliminary injunction blocking enforcement of the Corporate Transparency Act (CTA), halting the anti-money laundering law's disclosure requirements that were set to take effect on January 1, 2025. The CTA, aimed at unmasking anonymous shell companies, mandated that U.S. businesses report beneficial ownership information to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). The court ruled that the CTA is likely unconstitutional, citing concerns over the burden of compliance costs on businesses. The injunction provides temporary relief while courts determine the law's constitutionality, meaning that businesses are not obligated to comply with the reporting requirements until further notice.
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