CTA On Hold: The Saga Continues
In the latest twist in the Corporate Transparency Act (CTA)
saga, the Treasury Department has announced further restrictions to
the enforcement of the CTA – particularly as it would have
applied to U.S. citizens and to domestic companies and their
beneficial owners.
Specifically, on March 2, 2025, the Treasury Department stated
that it will not enforce any penalties or fines associated with
beneficial ownership reporting under the CTA against U.S. citizens
or domestic reporting companies or their beneficial owners even
after forthcoming interim final rule changes take effect. This
comes days after the Financial Crimes Enforcement Network (FinCEN)
announced on February 27, 2025 that it will not issue any fines or
penalties or take any other enforcement actions against any
companies until an interim final rule is issued, expected on or
before March 21, 2025.
