1. United States
2. Mich.
3. Letter

The administration's decision to suspend reporting requirements and penalties under the anti-money laundering law, which is a law, enables anonymous shell companies to operate without oversight, posing significant risks of money laundering, corruption, and tax evasion on a large scale. This contradicts concerted global efforts to combat corporate secrecy and financial crimes by increasing transparency. We must urgently reinstate full enforcement of beneficial ownership disclosure rules under this law to protect the integrity of our financial system and prevent illicit activities by bad actors exploiting such dangerous loopholes. Allowing opacity and limited accountability only enables unlawful practices that undermine economic stability, fair competition, and the rule of law for law-abiding businesses and citizens. Failure to address this suspension of the law could have severe consequences for our nation's security and reputation. Follow and enforce the law.