The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners.

In a Monday statement, Ian Gary, executive director of the Financial Accountability and Corporate Transparency Coalition, called the move a “hollowing out” of the Corporate Transparency Act that runs counter to years of bipartisan work to “end the scourge of anonymous shell companies.”

Donald Trump is celebrating his administration’s move to ignore a law that targeted money laundering.

The Justice Department and the Financial Crimes Enforcement Network have jointly selected consulting firm Guidepost Solutions as the bank’s monitor.

Enforcement Directorate arrests SDPI president M.K. Faizy for money laundering, alleged political front of banned PFI.

The U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act (CTA) for U.S. citizens and domestic businesses. The Biden-era law, designed to combat money laundering,