Democrat senators Elizabeth Warren and Maxine Waters have written to US Treasury Secretary Scott Bessent, criticising the decision to end the requirements for US companies to report beneficial ownership information under the Corporate Transparency Act.
“We write with grave concern that you are failing to enforce the bipartisan [CTA] following new warnings that your decision is leaving a ‘getaway car’ for criminals,” the letter reads.
The Senators have requested information on whether the Treasury has conducted an analysis of the potential risks posed by ending enforcement of the CTA, and what plans it has in place to combat money laundering through “opaque corporate structures”.
They also ask whether Bessent disagrees with the law enforcement and national security officials who have publicly emphasised the usefulness of beneficial ownership information reporting.
Bessent is requested to respond to this questioning by the end of next week (26 September).