US Appeals Court Halts Enforcement of Anti-Money Laundering Law
27th December 2024
A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners to the U.S. Treasury Department ahead of a deadline for most companies to do so.
The New Orleans-based 5th U.S. Circuit Court of Appeals late Thursday reinstated a nationwide injunction that had been issued earlier this month by a federal judge in Texas who had concluded the Corporate Transparency Act was unconstitutional.
The order marked a change of course for the court. On Monday, a three-judge panel of the 5th Circuit at the urging of the U.S. Department of Justice put the injunction on hold while the government appealed the Texas judge’s decision.
Where in the Constitution does it say the Federal government can do that?