March 2 (Reuters) – The U.S. Treasury Department announced on Sunday that it would not enforce an anti-money laundering law requiring millions of business entities to disclose the identities of their real beneficial owners. The Trump administration has opposed the Biden-era Corporate Transparency Act, arguing that it imposes a burden on low-risk entities. The act has faced repeated legal challenges. In a statement, the Treasury Department clarified that it would not impose any penalties under the act on U.S. citizens or domestic reporting companies. “Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses,” the statement read, noting plans to issue a rule to limit the act’s scope to foreign reporting companies. Supporters of the measure claim it was designed to address the increasing use of the United States as a destination for criminals to launder illicit funds. — news from Reuters