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

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.

But President Donald Trump’s return to power has cast doubt on the future of the most monumental anti-kleptocracy reform push in decades. Increasingly, the United States has become the epicenter of the multitrillion-dollar offshore economy.

The Treasury will no longer enforce an anti-money laundering law that Trump said was an "absolute disaster" for small businesses.