The division of the Ministry of Finance stops imposing BOI reporting for corporations

The US financial building in Washington, DC, USA, on Monday, January 27, 2025.

Stefani Reynolds | Bloomberg | Getty pictures

The US Ministry of Finance announced on Sunday that the punishments or fines that are associated with the bid-era information “economic property information” or Boi will not enforce the requirements for millions of domestic companies.

In the BOI reporting on the Corporate Transparency Transparency Act in 2021 to combat the illegal finance and Shell company, small companies must have or indirectly or indirectly owned the company's company's financial crime network, which is known as fincen.

After the court's earlier delays, the Ministry of Finance found a deadline on March 21 at the end of February to meet or risk civil law sanctions of up to 591 US dollars a day. According to federal estimates, the reporting obligations could apply to around 32.6 million companies.

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The rule was enacted to “make it more difficult that bad actors hide or benefit their poorly cast profits from Shell companies or other opaque ownership structures,” said Fincen.

The Ministry of Finance not only said that the Boi penalties and penalties were not enforced, but would also issue a proposed regulation in order to apply the rule only to foreign reporting companies.

President Donald Trump praised the news on Sunday evening in a social contribution to the truth and described the report rule as “empy basis and invasive” and “an absolute disaster” for small companies.

Other experts say that the decision of the Ministry of Finance could have an impact on national security.

“This decision is threatened by the United States to a magnet for foreign criminals, from drug cartels to frauds to terrorist organizations,” said Scott Greytak, director of the interests of the anti -corruption organization Transparency International.

– Greg Iacurci contributed to this article.

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