WASHINGTON (AP) — The The Supreme Court Thursday reinstated a requirement that millions of small business owners Register Charged with fighting money laundering and other financial crimes with an arm of the Treasury Department.
The justices approved an emergency request by the Justice Department in the waning days of the Biden administration to allow the implementation of the Corporate Transparency Act, which is set to begin in 2021 to crack down on the illegal use of anonymous shell companies. was implemented.
An estimated 32.6 million small business owners and part-owners must register personal information with the Treasury’s Financial Crimes Enforcement Network, or FinCEN. Information includes photo ID and home address.
It’s unclear whether the Trump administration will make much of an effort to enforce the registration requirement, which opposed by Republican-led states and legislatures, as well as by conservative and business interest groups.
The registration requirement was blocked by a federal judge in Texas, who ruled that Congress did not have the authority to pass the Corporate Transparency Act first. It was stayed by a panel of the 5th US Circuit Court of Appeals pending a review of the judge’s decision.
The Supreme Court action allows the registration requirement to be enforced while the case works its way through the Texas courts.
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