The U.S. Treasury's Financial Crimes Enforcement Network (FINCEN) has paused the Beneficial Ownership Information (BOI) reporting requirement for the time being.

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

The U.S. Treasury Department says it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation.

The Biden-era small-business rule is aimed at curbing money laundering and formation of shell companies. The rule had been mired in litigation as business leaders cited privacy and security concerns.

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

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

As of last week, business owners faced a March 21 deadline to complete the report. Now, the deadline has been suspended.