The Corporate Transparency Act (CTA) Gets Reined In  The Corporate Transparency Act’s plan to surveil 32 million American small businesses has been stopped cold. On March 26, the Treasury Department published an interim final rule that removes the onerous beneficial ownership reporting requirement. From now on, only foreign entities are required to report or update the personal information of anyone who owns 25 percent or more of a given business. There are good ways to track the money networks of terrorists, drug dealers, and other criminals. But asking hard-working American small business owners to spend hours and money to report information that doesn’t reveal any of that information was an idea whose time will deservedly never come. We still look forward to the day when the “Repealing Big Brother Overreach Act” can be signed into law and the Corporate Transparency Act will be dismantled in toto. No one expects “foreign reporting companies” to be transparent about which criminals might happen to own their businesses anyway. In the meantime, Treasury’s Financial Crimes Enforcement Network needs to find more realistic ways to safeguard the financial system from illicit activity – or at least be honest about its intent to extend surveillance over Americans’ financial transactions under the guise of flawed legislation like the CTA. Comments are closed.
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