Nationwide Injunction Halting Enforcement of CTA Reinstated

The Fifth Circuit Court of Appeals has reinstated the stay with respect to Corporate Transparency Act (CTA) compliance which means that the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) is once again prohibited from enforcing the CTA and its filing requirements. It appears that the injunction will be in effect until the pending Fifth Circuit case is heard, which means we will not know the implications and effectiveness of the act until sometime after March 2025. We will continue to monitor developments.

Should you have specific questions about your reporting obligations, please do not hesitate to contact one of our Business and Finance attorneys.