US company database remains on hold, despite Supreme Court decision -- ICIJ

[erronis]

https://www.icij.org/investigations/fincen-files/us-company-database-remains-on-hold-despite-supreme-court-decision/

A U.S. Supreme Court order created confusion last week, with transparency advocates cheering what appeared to be a reinstatement of mandatory company ownership reporting, before the government clarified that another legal hurdle continues to block the implementation of a landmark anti-corruption law.

The law, known as the Corporate Transparency Act, was enacted in 2021 and mandated the establishment of a nationwide database of company owners in an effort to lift the veil of secrecy off anonymous shell companies.

The law’s implementation has turned into a winding saga, plagued by legal challenges, delays, and political conflict. Two separate federal judges in Texas recently issued injunctions halting its enforcement. This had the practical effect of making it voluntary for companies to report their ownership to the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN.

Thursday’s decision stayed one of the nationwide injunctions, but FinCEN quickly clarified in a statement on its website on Friday that the order did not affect the separate injunction that continues to block the agency from mandating that companies report their ownership.

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The gears of good government are being ground to a halt.

[Bluethroughu]

1. Grifters gotta hide the grift.