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Supreme Court allows small business registration rule to take effect, aimed at money laundering

The Supreme Court on Thursday revived a requirement that owners of millions of small businesses register with an arm of the Treasury Department charged with fighting money laundering and other financial crimes.
The U.S. Supreme Court has declined to block a new federal rule aimed at combating money laundering, allowing it to take effect. This rule, part of the Corporate Transparency Act, requires small businesses to report their beneficial ownership information to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The decision came despite a challenge from business groups and individuals who argued that the rule infringes on their privacy rights. The rule is intended to enhance transparency and prevent the use of shell companies for illicit financial activities. However, the court's refusal to intervene means that small businesses must now comply with these new reporting requirements, which are seen as a significant step in the government's efforts to curb financial crimes.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/financial-regulation/supreme-court-allows-small-business-registration-rule-to-take-effect-aimed-at-money-laundering/ar-AA1xKs6x ]