The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act (CTA) through “emergency” rulemaking would gut the law’s anti-money laundering (AML) efforts, a transparency expert said.

In a March 11 letter to U.S. Sens. Sheldon Whitehouse (D-R.I.) and Chuck Grassley (R-Iowa), a Treasury official said the agency would “narrow the scope of the rule” to exclude American businesses.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...