I think the genesis was the Panama papers release way back. Turns out the US is one of the better places to launder money through.
I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.
Most countries have work arounds, because of a combo of;
1) stalkers
2) hiding money from divorce proceedings and angry ex’s
3) hiding money from lawyers looking for a payday
4) hiding money from various tax authorities
well, often there is a lot of overlap among all of these.
Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).
I could perhaps understand ending the reporting rule, but deleting all existing records? That's very suspicious.
I recall many small business owners panicking when this requirement seemed to sneak up on them.
Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?
I think the genesis was the Panama papers release way back. Turns out the US is one of the better places to launder money through.
I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.
Most countries have work arounds, because of a combo of;
1) stalkers 2) hiding money from divorce proceedings and angry ex’s 3) hiding money from lawyers looking for a payday 4) hiding money from various tax authorities
well, often there is a lot of overlap among all of these.
Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).
The cost was filling out a form. Maybe you had to photocopy your ID.
And if I recall correctly it was only a felony to refuse to comply. The government sent letters that had to be ignored, etc.
It was just filling out a form
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