Treasury Dept Axes Rule Against Money Laundering

Reuters reports:

The U.S. Treasury Department’s financial crimes unit said on Wednesday it has issued a new rule that will narrow a key element of the 2021 Corporate Transparency Act, a law aimed at combating illicit finance.

The new Financial Crimes Enforcement Network, or FinCEN, rule goes into effect on Wednesday, even as the unit receives public comment on the move, according to a notice in the Federal Register. It exempts domestic companies from requirements to provide beneficial ownership data to the government.

The move is the latest effort by the administration under Republican President Donald Trump to curtail anti-corruption efforts. The Treasury Department earlier this month said it would not enforce any penalties under the 2021 law against U.S. citizens or domestic reporting companies.

Read the full article.

READ MORE OF THIS POST AT Joe My God