US Treasury Department says it will not enforce intrusive anti-small business anti-money laundering law
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. The Corporate Transparency Act in fact asked a lot more than the identity of owners but more than 50 questions. Small LLC’s, many of them unaware, under Biden, were going to be required to answer the CTA questions.
The potential fine for violating the Corporate Transparency Act (CTA) was $500 per day, plus fines of up to $10,000. The CTA also allowed for up to two years in prison for violations. Penalties were adjusted annually for inflation. And again, many small LLC’s who might not be able to afford even a lawyer were unaware of Biden’s insanity and the potential damage the invasive, hacker dream, law could do to damage them and destroy their lives.
In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies.
“Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses,” it said, adding that it intended to issue a rule to narrow the scope of the act to foreign reporting companies.
You may help support my websites and videos and streams by buying my eBooks.
Current Prices are 99cents, $2.99, and $8.99
Some of my eBooks are erotica and naughty but not all of them.
