By PAUL O’DONOGHUE, Senior Correspondent
TWO senior US senators are demanding that the Treasury Department explain its decision to weaken key reporting requirements under the Corporate Transparency Act (CTA).
The CTA is a major anti-money laundering law (AML). It was designed to force millions of businesses to disclose their true beneficial owners. Supporters say the measure is critical to preventing the US from becoming a hub for illicit finance. However, the Treasury announced last week that it will not enforce these rules for US citizens or domestic companies.
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