The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners. The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities.

Donald Trump is celebrating his administration’s move to ignore a law that targeted money laundering.

In a Monday statement, Ian Gary, executive director of the Financial Accountability and Corporate Transparency Coalition, called the move a “hollowing out” of the Corporate Transparency Act that runs counter to years of bipartisan work to “end the scourge of anonymous shell companies.”

The Justice Department and the Financial Crimes Enforcement Network have jointly selected consulting firm Guidepost Solutions as the bank’s monitor.

Money laundering has become a significant threat to the integrity of financial systems. Criminals are constantly devising new methods to disguise the origins of illicit funds, making it essential for businesses and financial institutions to implement robust Anti-Money Laundering (AML) compliance programs.

The Trump administration won’t enforce a Treasury Department rule requiring shell companies to disclose their owners and beneficiaries