The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

The Treasury will no longer enforce Corporate Transparency Act reporting rules for U.S. businesses, a move critics say weakens anti-money-laundering efforts.

Turns out procrastination worked out after all for the millions of businesses who held off on submitting their beneficial ownership reports.

The rule required most small businesses to register their owners with the government, an effort to control money laundering and shell companies.

The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation. Ticker: Stop & Shop Teamsters report labor deal;