State Attorneys General Challenge Treasury's Anti-Money Laundering Rule Changes

North Carolina Attorney General Jeff Jackson, joined by 20 other state attorneys general, has filed a lawsuit against the U.S. Treasury Department. They are challenging a new FinCEN rule that exempts most companies from reporting owners under the Corporate Transparency Act. The attorneys general argue these changes are illegal and will impede law enforcement efforts against financial crimes like drug trafficking. This legal action highlights a significant dispute over federal anti-money laundering regulations.