America’s Secret Company Owners Face Being Revealed [Video]

What’s New

A new anti-money-laundering bill could require thousands of U.S. companies to reveal their owners after the U.S. Court of Appeals removed a block on the legislation.

The Corporate Transparency Act was blocked from coming into effect nationwide by an injunction from a Texas judge, but that was overturned by federal courts on Monday. The law requires corporate entities to report information about their ownership and control to the federal government.

Newsweek contacted the Fifth Circuit Court of Appeals for more information on this case via email.

Why It Matters

The Corporate Transparency Act passed Congress in 2021 with bipartisan support, but it had been barred from coming into effect after Texas judge Amos Mazzant issued an injunction on the law over fears that it was unconstitutional.

With the injunction now lifted by a panel of three judges in the Fifth Circuit Court of Appeals, U.S. companies will start being required to report ownership data …