BOI Reporting Rules Remain Frozen Despite Supreme Court Action, FinCEN Says
Although the Supreme Court last week granted the U.S. government’s motion to lift a nationwide injunction on the Corporate Transparency Act's new beneficial ownership information reporting requirements, the Treasury Department said it’s still blocked from enforcing the new rules because they remain blocked by a separate court.
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Treasury’s Financial Crimes Enforcement Network said the new BOI rules are still subject to a separate nationwide injunction that a federal court in Texas issued last year (see 2412270046 and 2412300031). Because that order “still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action,” the agency said in a Jan. 24 notice on its website.
FinCEN said reporting companies can continue to “voluntarily submit” beneficial ownership information reports if they wish.
The agency vowed earlier this month to continue its legal battle to enforce the new rules, which are designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. by requiring those companies to provide FinCEN with detailed ownership information (see 2501030018).