BREAKING NEWS - THE HOLD ON THE CORPORATE TRANSPARENCY ACT HAS BEEN LIFTED AND ALL ORGANIZATIONS ARE REQUIRED TO MEET THE 12.31 DEADLINE!
Civil penalties: Up to $500 per day for ongoing violations
Criminal penalties: Up to $10,000 in fines and/or up to two years in prison
Reputational damage: Long-term consequences for an organization's brand, customer trust, and business relationships
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United States Court of Appeals FIFTH CIRCUIT OFFICE OF THE CLERK
December 23, 2024 MEMORANDUM TO COUNSEL OR PARTIES LISTED BELOW: No. 24-40792 Texas Top Cop Shop v. Garland USDC No. 4:24-CV-478
Enclosed is an order entered in this case…
…When balancing this harm against the public’s urgent interest in combatting financial crime and protecting our country’s national security, equity favors a stay. As the government explains, and the district court recognizes, a last-minute nationwide preliminary injunction would undermine our ability to push other countries to reform their anti-money laundering and counterterrorism regimes and to address the most fundamental gap in our own regime.*7 Accordingly, the government has demonstrated that a stay is warranted. See Nken, 556 U.S. at 434. IT IS ORDERED that the government’s emergency motion for a stay pending appeal is GRANTED. IT IS FURTHER ORDERED that this appeal is EXPEDITED to the next available oral argument panel.
*7 The Businesses warn that lifting the district court’s injunction days before the compliance deadline would place an undue burden on them. They fail to note, however, that they only filed suit in May 2024 and the district court’s preliminary injunction has only been in place for less than three weeks as compared to the nearly four years that the Businesses have had to prepare since Congress enacted the CTA, as well as the year since FinCEN announced the reporting deadline.
https://www.taxnotes.com/research/federal/court-documents/court-opinions-and-orders/fifth-circuit-stays-injunction-transparency-act-case/7pgwl
