XPost: alt.law-enforcement, alt.business, alt.politics.republicans
XPost: alt.fan.rush-limbaugh, sac.politics

https://www.nbcnews.com/business/business-news/treasury-ends-enforcement- business-ownership-database-meant-stop-shell-rcna194493

The U.S. Treasury Department announced it will not enforce a Biden-era
small business rule intended to curb money laundering and shell company formation.

In a Sunday evening announcement, Treasury said in a news release that it
will not impose penalties now or in the future if companies fail to
register for the agency’s beneficial ownership information database that
was created during the Biden administration.

Despite efforts by small businesses to undo the rule in the courts, it
remains in effect.

On Sunday, President Donald Trump on his Truth Social media site praised
the suspension of enforcement of the rule and said the database is
“outrageous and invasive.”

“This Biden rule has been an absolute disaster for Small Businesses Nationwide,” he said. “The economic menace of BOI reporting will soon be
no more.”

In September 2022, the Treasury Department started rulemaking to create a database that would contain personal information on the owners of at least
32 million U.S. businesses as part of an effort to combat shell company formations and illicit finance.

The rule required most American businesses with fewer than 20 employees to register their business owners with the government as of Jan. 1, 2024.
Small businesses are targeted because shell companies, often used to hide illegally obtained assets, tend to have few employees.

Treasury officials, including former Treasury Secretary Janet Yellen, said
the regulatory burden would be small, costing about $85 per business, but
would offer benefits to law enforcement officials seeking to track down
money launderers and other criminals. She said in January 2024 that more
than 100,000 businesses had filed beneficial ownership information with Treasury.

The rule and its legislative authority — the Corporate Transparency Act,
an anti-money laundering statue passed in 2021 — have been mired in
litigation. In 2022, a small business lobbying group sued to block the
Treasury Department’s requirement that tens of millions of small
businesses register with the government. On Feb. 27, Treasury’s Financial Crimes and Enforcement Network said it would not take enforcement actions against companies that do not file beneficial ownership data with the
agency.

Business leaders cite privacy and security concerns about the database and
say it is duplicitous to other government agencies that maintain corporate databases.

“This is a victory for common sense,” said U.S. Secretary of the Treasury
Scott Bessent on Sunday. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome
regulations, in particular for small businesses that are the backbone of
the American economy.”


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November 5, 2024 - Congratulations President Donald Trump. We look
forward to America being great again.

The disease known as Kamala Harris has been effectively treated and
eradicated.

We live in a time where intelligent people are being silenced so that
stupid people won't be offended.

Durham Report: The FBI has an integrity problem. It has none.

Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.

Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.

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