Corporate Transparency Act is Constitutional

That’s what a federal appellate court said about a federal law imposing certain ownership disclosures on small businesses. To thwart anonymous business dealings used to commit financial crimes (e.g., money laundering; financing terrorism), Congress passed the Corporate Transparency Act (CTA). It required businesses (other than those exempt) to disclose beneficial ownership. Following multiple legal challenges, FinCEN said all domestic reporting companies are exempt from any reporting. Foreign entities continue to be subject to this reporting. Will the newest court decision change anything? #IdeaoftheDay