Bloomberg Law Quotes Niles Elber on CTA

A US Supreme Court order allowing enforcement of the Corporate Transparency Act amid legal challenges put the ball back in the court of a new Trump administration that already has indicated a desire to switch things up.

The government is now within striking distance of finally seeing the 2021 business law put into action, but President Donald Trump‘s personal views on the financial crime prevention measure remain unclear.

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But don’t expect a ruling in FinCEN’s favor on the enforcement issue to end litigation, said Niles Elber, a tax controversy litigator with Caplin & Drysdale.

The agency is likely to target low-hanging fruit, penalizing small companies that don’t meet the filing requirements but aren’t the large-scale money laundering operations the law was meant to curtail, he said.

“There will be all this legal wrangling and probably a lot of cases filed,” Elber said. “But if you’re a money launderer, you’re probably going to find a way around this law.”

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