After more than a year of not knowing where beneficial ownership information rules stand, small businesses are now off the hook … for good?

The Biden-era small-business rule is aimed at curbing money laundering and formation of shell companies. The rule had been mired in litigation as business leaders cited privacy and security concerns.

The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation. In a Sunday evening announcement, Treasury said in a news release that it will not impose penalties now or in the future if companies fail to register for the agency's

Before the CTA was adopted, we were the money laundering capital of the world,” Taylor English Duma partner Jonathan Wilson of the Corporate Transparency Act. “Sounds like we're going back to being the money laundering capital of the world.

The U.S. Treasury said it wouldn't impose penalties associated with Beneficial Ownership Information reporting under the current requirements for U.S. entities.

The rule required most small businesses to register their owners with the government, an effort to control money laundering and shell companies.

As of last week, business owners faced a March 21 deadline to complete the report. Now, the deadline has been suspended.