After more than a year of not knowing where beneficial ownership information rules stand, small businesses are now off the hook … for good?

According to the Treasury, the department will be issuing proposed rules to narrow the scope of the rule to foreign reporting companies only.

The U.S. Treasury Department says it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

The Treasury will no longer enforce Corporate Transparency Act reporting rules for U.S. businesses, a move critics say weakens anti-money-laundering efforts.

Before the CTA was adopted, we were the money laundering capital of the world,” Taylor English Duma partner Jonathan Wilson of the Corporate Transparency Act. “Sounds like we're going back to being the money laundering capital of the world.

The rule required most small businesses to register their owners with the government, an effort to control money laundering and shell companies.

As of last week, business owners faced a March 21 deadline to complete the report. Now, the deadline has been suspended.