The Treasury Department announced that it is suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirements. Here's what to know.

The Treasury Department announced on Sunday that it will suspend fines and penalties linked to "beneficial ownership information" (BOI) required of millions of businesses. Why it matters: In addition to eliminating guardrails around "illicit finance,

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

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

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 says it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

Turns out procrastination worked out after all for the millions of businesses who held off on submitting their beneficial ownership reports.

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

The Treasury will no longer enforce Corporate Transparency Act reporting rules for U.S. businesses, a move critics say weakens anti-money-laundering efforts.