GRASSLEY, WHITEHOUSE STATEMENT ON TREASURY DEPARTMENT'S FINAL RULE DISMANTLING KEY ELEMENT OF CORPORATE TRANSPARENCY ACT

WASHINGTON, Aug. 13 -- Sen. Chuck Grassley issued the following news release:

BUTLER COUNTY, IOWA - U.S. Sens. Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) released the following statement on the U.S. Financial Crimes Enforcement Network's (FinCEN's) decision to permanently exempt over 99% of entities previously required to report their beneficial ownership information under the Corporate Transparency Act (CTA).

Congress passed the CTA on a strongly bipartisan basis to clamp down on criminals and foreign enemies hiding assets from U.S. law enforcement, national security officials and tax authorities. The CTA is widely considered the most important anti-money laundering law in decades.

"The Treasury Department's final rule exem...