Democrats Center Security in Corporate Transparency Act Defense

Congressional Democrats told two federal appeals courts that the Corporate Transparency Act, which requires millions of American businesses to disclose their beneficial ownership to the Treasury Department, is constitutional because those disclosures are necessary to combat international financial crimes.

Anonymous ownership of limited liability companies and other comparable business entities facilitates illicit financial activities like tax fraud, money laundering, human and drug trafficking, and other crimes, Rep. Maxine Waters (D-Calif.) and Senators Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Ron Wyden (D-Ore.), and Jack Reed (D-R.I.) told both the US Courts of Appeals for the Fourth and Fifth Circuits. For that ...