A coalition of 21 attorneys general sued the Trump administration Tuesday to stop the Treasury Department from exempting most companies from reporting ownership information, claiming the rule change is illegal and will hinder law enforcement.
Oregon Attorney General Dan Rayfield filed the lawsuit in the U.S. District Court in Oregon.
The complaint argues the rule change guts a law that helped police and prosecutors catch money launderers, fraudsters, and tax cheats by requiring businesses to tell the federal government who owns and controls the companies.
When the Treasury Department announced the rollback in August, it said it wanted to reduce burdens on small businesses and domestic taxpayers….