Illinois, Oregon AGs Lead Suit Against Federal Corporate Transparency Change

Illinois Attorney General Kwame Raoul is helping lead a 21-state lawsuit challenging a Trump administration regulation tied to the Corporate Transparency Act. Raoul and Oregon Attorney General Dan Rayfield say the new rule exempts most businesses from reporting personal ownership information, weakening a tool meant to uncover shell companies. The coalition argues those anonymous companies can be used to hide criminal proceeds from law enforcement and tax authorities. Supporters of the challenge say transparency helps investigators track fraud, money laundering, and other financial crimes. The lawsuit seeks to block the regulation and preserve broader ownership reporting requirements.