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A district judge in Alabama Friday ruled that the U.S. Corporate Transparency Act is unconstitutional, potentially throwing a wrench into the government's collection of corporations' and other legal entities' beneficial ownership data as mandated by the 2021 law.
A U.S. district judge's ruling against the Corporate Transparency Act promises to disrupt the Treasury Department's collection and provision of beneficial ownership information while the anticipated appeals process play out, legal analysts told ACAMS moneylaundering.com.
Only a minority of the tens of millions of legal entities required to identify their day-to-day controllers or anyone who holds at least 25 percent of their shares to the U.S. government by the turn of the year have done so, a federal official told ACAMS moneylaundering.com.
