President Donald Trump has celebrated the Treasury Department's announcement that it will not enforce fines under the Corporate Transparency Act, an anti-money laundering law that aims to increase transparency around the ownership of certain business entities.
Newsweek has contacted the Treasury Department for comment via email.
Why It Matters
The Corporate Transparency Act, passed by Congress in January 2021, took effect on January 1, 2024, under the Joe Biden administration. The suspension of the law marks the latest rollback of initiatives implemented by the previous administration during Trump's second term in office.
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