The federal government appealed a U.S. District Court for the Eastern District of Texas ruling blocking enforcement of the Corporate Transparency Act to the U.S. Fifth Circuit Court of Appeals. The Corporate Transparency Act and its regulations require businesses to disclose their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
SWACCA has been deeply engaged on FinCEN’s beneficial ownership rulemaking, including securing provisions in the initial implementing rulemaking ensuring that most SWACCA affiliates and many SWACCA members will be exempt from reporting their beneficial owners and advocating to ensure the beneficial ownership database can be used to pursue misclassification investigations.