US Treasury Department suspends enforcement of BOI reporting, says it plans narrow mandate's scope

The beneficial ownership information (BOI) reporting requirement was introduced with the enactment of the Corporate Transparency Act in the US in 2021 with an objective to crack down on shady financing and formation of shell entities. In late February, the Treasury had announced March 21 as the deadline for businesses to comply under BOI reporting requirements or risk a maximum penalty of $591 per day or criminal fines of up to $10,000.