The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners.

In a Monday statement, Ian Gary, executive director of the Financial Accountability and Corporate Transparency Coalition, called the move a “hollowing out” of the Corporate Transparency Act that runs counter to years of bipartisan work to “end the scourge of anonymous shell companies.”