The short answer is no, the Supreme Court only enjoined one of the two injunctions
In a decision yesterday, the Supreme Court issued a ruling that has significant implications for businesses and financial institutions regarding the submission of Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN). This decision has generated considerable discussion and raised questions about compliance requirements and the future of financial transparency in the United States.
Background:
The Financial Crimes Enforcement Network, commonly known as FinCEN, is a bureau of the U.S. Department of the Treasury. Its primary goal is to combat financial crimes, including money laundering and terrorist financing. As part of its regulatory framework, FinCEN requires certain entities to submit BOI reports. These reports are crucial for identifying individuals who own or control companies, thereby enhancing transparency and accountability.
The Supreme Court Decision:
Yesterday’s Supreme Court decision issued a stay of the nationwide injunction in the case before it, Texas Top Cop Shop, Inc. v. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/2024). This stay is only limited to the Texas case, and the second case, Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/2025) remains in place.
So, while the Supreme Court lifted the injunction in one case, the BOI filing requirements are still part of the injunction, and that case will remain unresolved for the near future. FinCEN has reiterated that they are still accepting VOLUNTARY reporting for company owners that could meet the BOI requirements, but again, it is voluntary.
Contact us with question, and we will keep updating our site as more information unfolds.
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