US Treasury Department says it will not enforce anti-money laundering law

The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities. In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies. "Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses," it said, adding that it intended to issue a rule to narrow the scope of the act to foreign reporting companies.