Multi-State Lawsuit Challenges Treasury Department's Rollback of Anti-Money Laundering Law

Attorney General Jeff Jackson and 20 other attorneys general filed a lawsuit on Monday to prevent the U.S. Treasury Department from gutting the Corporate Transparency Act. They allege that the Financial Crimes Enforcement Network's (FinCEN) new rule, which exempts over 99% of U.S. companies from reporting their owners and plans to delete existing ownership records, illegally repeals a bipartisan law designed to combat money laundering.