Two senators behind the Corporate Transparency Act (CTA) have demanded that U.S. Treasury Secretary Scott Bessent justify his suspension of one of the law’s anti-money laundering (AML) requirements.
On Monday, in a letter to Bessent, U.S. Sens. Sheldon Whitehouse (D-R.I.) and Chuck Grassley (R-Iowa) asked for the “legal basis” on which Bessent is relying on to suspend enforcement of the CTA’s requirement that domestic and foreign reporting companies file their beneficial ownership information (BOI) with the Treasury’s Financial Crimes Enforcement Network (FinCEN).
