In a case that could either limit or uphold the Corporate Transparency Act, lawyers representing the Treasury Department argued in an appeal that a federal judge in Alabama overrode well-established powers of Congress in a ruling last month that the law violates the Constitution.
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.
U.S. officials issued a final rule Thursday which parties can pull the names and other details of corporate beneficial owners from a federal database set to launch in January, granting the financial services industry much broader access to the registry than previously proposed.
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