cross-posted from: https://news.abolish.capital/post/71226
The Trump administration has finalized a rule that will allow shell companies and other questionable entities to conceal their ownership from federal investigators, in a move that critics say will only further facilitate corruption in the U.S. The Treasury Department’s Financial Crimes Enforcement Network announced on Tuesday that it is ending the regulation that requires companies to…
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This “headline” misses the mark. Nothing has changed; the rule that was “ended” here never fully went into effect in the first place.
There was a brief period where FinCen was accepting BOI reports, but most people weren’t doing them because it was ping-ponged in the courts a lot, and the reasonably intelligent among us could see that this was the corporate version of “protect the children.” It created a “pre-crime” reporting burden that we actually didn’t need because we’ve know who the fucking criminals are.