An Alabama federal district judge ruled that the U.S. Treasury Department could not require small business owners to report information on their owners and others associated with their business. The judge found that the U.S. anti-money laundering law was unconstitutional. Small businesses had contended that the reporting rule was burdensome and violated privacy and free speech rights. (The Associated Press, March 5, 2024, by Fatima Hussein)
The court determined that while goal was worthy, Congress had overstepped its regulatory powers, agreeing with the business owners that the disclosure requirements exceeded their constitutional authority. (Overdrive, March 6, 2024, by Matt Cole and Todd Dills)