Repeals the Corporate Transparency Act, which requires businesses to report beneficial ownership information to the Financial Crimes Enforcement.
The bill repeals the Corporate Transparency Act, which mandates that businesses report beneficial ownership information to the Financial Crimes Enforcement Network. The repeal includes technical and conforming amendments to Title 31 of the United States Code. The Corporate Transparency Act was enacted as part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021.
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