Corporate Transparency Act challenged over ownership reporting requirement - Silicon Valley Business Journal

alleges that the Corporate Transparency Act, signed into law in 2020 and that mandated small business owners disclose beneficial ownership information, infringes on state powers over the formation of entities and exceeds Congress’ power to regulate commerce among other items.

FinCEN said it expects the rule to extend beyond LLCs to limited liability partnerships, business trusts and other entities. “For too long, it has been far too easy for criminals, Russian oligarchs, and other bad actors to fund their illicit activity by hiding and moving money through anonymous shell companies and other corporate structures right here in the United States,” said Acting FinCEN Director Himamauli Das. “This final rule is a significant step forward in our efforts to support national security, intelligence, and law enforcement agencies in their work to curb illicit activities.

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