Democrats Urge Appeals Court to Revive Anti-Money Laundering Law

Congressional Democrats are urging the Eleventh Circuit to resurrect a law for combating money laundering after a federal court in Alabama called the statute unconstitutional.

Rep. Maxine Waters (D-Calif.) and four Senators, including Democratic Conference Vice Chair Elizabeth Warren (D-Mass.), filed an amicus brief Monday supporting the IRS and pushing for the lower court’s decision to be reversed. The US Court of Appeals for the Eleventh Circuit will consider whether the Corporate Transparency Act exceeds Congress’ power to regulate commerce.

The CTA would require businesses report their “beneficial ownership” to the Treasury Department, with the intention of cracking down on ...