Supreme Court reinstates federal anti-money laundering law

[Jose Garcia]

Source: The Hill

The Supreme Court on Thursday agreed to reinstate a federal anti-money laundering law at the federal government’s request as a legal challenge proceeds in a lower court.

The court’s emergency stay halts, for now, a federal judge’s injunction that blocked the Corporate Transparency Act (CTA), which would require millions of business entities to disclose personal information about their owners.

Justice Ketanji Brown Jackson dissented.

The Biden-era Justice Department asked the high court late last month to intervene, and the court issued its ruling just three days after President Trump’s inauguration. Trump’s Justice Department did not withdraw the application, but during his first White House term, Trump had opposed the new law.

Read more: https://thehill.com/regulation/court-battles/5103064-supreme-court-reinstates-federal-anti-money-laundering-law/

[marybourg]

1. Among the "business owners" covered are tens of thousands of ordinary home owners who

sit on the boards of their self governing condos, co-ops and homeowner associations.

[pnwmom]

3. That sounds like it's going too far then. Though I've never sat on a HOA board,

they are common in my city and people who want to keep their finances private might be discouraged from sitting on one.

[LetMyPeopleVote]

2. This will be fun to watch

https://democraticunderground.com/10143379433

[Marthe48]

4. Is this the one that requires a BOI

just to show who owns the business?

(beneficial ownership information form)

[mtngirl47]

5. Yes