Federal Court Rules on Challenge to Corporate Transparency Act, Declaring it Unconstitutional

Judge Liles C. Burke of the U.S. District Court in Huntsville, AL ruled on March 1^st that the Corporate Transparency Act (CTA), which was intended to help the Treasury identify money launderers who hide behind shell corporations, violates the Constitution. The Act requires small businesses to share information on beneficial owners, individuals who hold financial stakes in a company or have significant power over business decisions. The article notes that the Justice Department will likely appeal the Alabama case to the circuit court.

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