August 18, 2022

Historic legislation bans anonymous shell companies

Chances are good that if you’ve ever watched a movie or television series involving bad guys who launder money, you’re aware of the term “shell company,” which is usually one of the methods that not only Hollywood actors use to hide their funds, but also real-life criminals.

According to the Washington Examiner, using shell companies for illegal financial maneuvering just became a lot more difficult for shady actors, as the recent passing of the National Defense Authorization Act by the Senate included language that now requires increased transparency for the owners of shell companies. 

The changes come under the provisions of the Corporate Transparency Act, which will prevent criminals from using shell companies to commit crimes by requiring that the names of the true owner(s) of a shell account, or the “beneficial ownership,” be reported to the Treasury Department’s Financial Crimes Enforcement Unit.

Compelling people who use shell companies to provide accurate and updated information concerning ownership is the fact that if they do not provide said information, they can face prison sentences for up to three years.

Reportedly behind the new rules were Treasury Secretary Steve Mnuchin and Democratic Sen. Mark Warner, according to the New York Post.

“In my view (and if Treasury writes bold regs), it’s even more important than the Patriot Act, best law of its kind since Bank Secrecy Act passage in 1970,” wrote Josh Rudolph on Twitter, a fellow for malign finance at the Alliance for Securing Democracy.

Apparently, the United States is the leader in the world when it comes to setting up anonymous shell companies, with over 10 times the amount than all of the traditional tax havens combined.

In other words, this type of regulation is long overdue and will hopefully prevent a future generation of bad actors from exploiting and misusing what is otherwise used as legitimate entities of corporations.

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Dr. Terry LaFleur (@guest_1097754)
1 year ago

We also have “Soft Money Laundering” going on in politics everywhere, everyday.

Gary m (@guest_1097768)
Reply to  Dr. Terry LaFleur
1 year ago

This will break the heart of many Democrats and Rhinos that routinely use these to get their kick backs. I can see the tears flow.

John Stuczynski (@guest_1097884)
Reply to  Gary m
1 year ago

Isn’t that to bad!

The Redhawk (@guest_1098125)
Reply to  Dr. Terry LaFleur
1 year ago

NO SHELL COMPANIES>>>>>This will make Obama+the Biden mafia family>>> Soros and hollyweirds along with CCP very UPSET !!!

Michael D bobier (@guest_1097755)
1 year ago

All this is, is that congress is trying to get at peoples money. The only way they can see how much money that is available to them is to remove the barriers that keeps their prying eyes away

James Siedzik (@guest_1097756)
1 year ago

If pelosi and pencil neck are oversight,
Forget about it!

Margo Bombard (@guest_1097758)
1 year ago

Wonderful, At this point, I think it’s a waste of time, surely all the “bad actors” and such will simply find another way to do the same thing. Get busy and defend this country from the coming control of China!

Gary m (@guest_1097770)
Reply to  Margo Bombard
1 year ago

How do you think that the Democrats are getting their money from Beijing into the country. This will tare China Joe Biden up, how will he get his cut.

Norine (@guest_1097776)
Reply to  Margo Bombard
1 year ago

China will not Control America in JESUS NAME. “O GOD, YOUR WAYS are HOLY. Is there any GOD as MIGHTY as YOU? YOU are The GOD of MIRACLES and WONDERS! YOU Demonstrate YOUR Awesome POWER among the NATIONS. YOU have redeemed YOUR people by YOUR STRENGTH.” (Psalm 77)

MB (@guest_1097797)
Reply to  Norine
1 year ago

They have already prayed to their lord by using Amen and A-women!?
Well one should never, ever mock God!
That will be some payback we will be watching
GOD cannot be fooled, only human beings and the animal kingdom
Even then not all the time, it is bound to be caught

Georgia (@guest_1097760)
1 year ago

This sounds really good….on paper. Criminals will always find a way around it, tho.

Gary m (@guest_1097771)
Reply to  Georgia
1 year ago

Eh! Slow them down for awhile. MAYBE!!!!

Richard Stanley (@guest_1097762)
1 year ago

The Congress does not need my private information, ever! This is why we went to war with England! Politics should stay in their legislative Thelma and not be concerned with controlling people, except known and unknown Felons, bank robbers and other shills!

Gary m (@guest_1097778)
Reply to  Richard Stanley
1 year ago

YES Congress does need your private information. so that they can sell it to Suckerberg, who then gives it to China.

rick (@guest_1097763)
1 year ago

More useless, brainless, phony distractions from the immediate problems facing the Banana Republic of Amerika! Any bets on how long it’ll take for “politicians” to find a way around this?

Pogo Possum (@guest_1097765)
1 year ago

At least they are trying to correct a ‘loop-hole’ avoidance of having to pay your due income tax, which is a whole lot more than the House has done under Pelosi for two years.

Gary m (@guest_1097794)
Reply to  Pogo Possum
1 year ago

Congress does not close loop holes, it just makes them bigger, so that congress can get bigger refunds.

Gary m (@guest_1097777)
1 year ago

We can’t do that, these skills are in high demand by the [email protected] and Rhin0s. They are always threating someone, with ri0ts, l00ting, @[email protected], murder. What are you thinking of, putting them out of business???

Gary m (@guest_1097779)
1 year ago

The main part of the Supreme Court’s job is OVERSIGHT, and if someone or some state is violating the constitution, then the court should step in, whether there is a complaint or brief filed in a lower court or the high court directly. If the court is not doing this, then the court is not doing the due diligence it is suppose to do, to protect the constitution. And if the court is not going to do its job, then it is up to we the people to do the job, and if we have to do the job then we just as well fire the court, we are the only ones that can. It makes no difference if a judge is conservative or liberal if the judge does not follow the constitution. The constitution was not put there to protect the administration, the legislature, or the court, it was put there to protect we the people, from the government period, by putting in guide lines for the government to follow. When the government does not want to follow, then we the people have the right and the power to change or remove the government. I think that the court gets so tongue tied with the literal meaning of the law that it forgets what the most important part of its job is. OVERSIGHT.

Since officials in a number of states have taken it upon themselves to make laws with out the legislative bodies in those states, that the constitution gives the legislative bodies the power to do. They are ignoring the constitution, and need to be reigned in. It is past time for the SCROTUS to do its due diligence, and step in, if the SCROTUS does not wish to do so, then we the people will have to do the job of the court, and we will not need the court.
Liberals think that they can change the laws just by wishing it, and that is wrong. That is the way kings, queens, tyrants, and dictators rule. and that is why our forefathers wrote the constitution, to keep the corrupt from getting in power in government. That is why we have come to the point of needing to set term limits and to remove immunity that protects those that would try to abuse their position by creating greater transparency in the government.

Just like they did with the Hunter Biden scandal, the fake news and the media, are covering up what states are doing to hide the evidence. It is not only in the so-called battle ground states. The governors and judges, and election officials in these states, are violating the law and the constitution of the United States, by making laws illegally, and suppressing the evidence, by refusing to allow ballots, and machines to be investigated. As much as I hate to say this the Supreme Court is condoning this behavior, by not enforcing the constitution. This is their job, to protect the constitution by enforcing it. The Supreme Courts job of oversight does not end because a case is not filed in a lower court. There is nothing in the constitution that says the Supreme Court it’s self cannot call on the DOJ or Superior Court to take action on such matters, and for it not to do so is negligence. As I have said before and will repeat.
Liberals think that they can change the laws just by wishing it, and that is wrong. That is the way kings, queens, tyrants, and dictators rule.

The constitution was not put there to protect the administration, the legislature, or the court, it was put there to protect we the people, from the government, by putting in guide lines for the government to follow.

U.S. Code Section 242 of Title 18, Deprivation of rights under color of law, makes it a crime for a person acting under color of any law to willfully deprive a person of a right or privilege protected by the Constitution or laws of the United States.
For the purpose of Section 242, acts under “color of law” include acts not only done by federal, state, or local officials within the their lawful authority, but also acts done beyond the bounds of that official’s lawful authority, if the acts are done while the official is purporting to or pretending to act in the performance of his/her official duties.

Some states have gotten the idea that they can just change laws because they want to. However that is not the case, when a state becomes a state they sign on to the constitution and the bill of rights, and all of the laws contained with in the constitution. These are the over riding laws of the land, and apply to all states, and can not be just dismissed out of hand by any state governor, state legislature, or any state official, or local officials. It does not work that way. The constitution and the bill of rights can not be changed by any government body be it federal state or local. Changes to the constitution and the bill of rights can only be made by we the people. Not with E.O. or legislation by any governing body, or any whim of someone on the supreme court. This is to keep government from usurping the power of the people.

The supreme Court is “appointed” to oversee the implementation of the constitution, and the protection of the constitution, by enforcing the constitution.
Lately it would seem that the Supreme Court is neglecting its role of oversight, and enforcement. Which means it is not protecting the constitution.

Gary m (@guest_1097782)
1 year ago

Jack Dorsey and Mark Zuckerberg and Brian Stelters and George Soros, and Mike Bloomberg and “THEIR” freedom of speech is the biggest threat to democracy. All they do is spew vile hate all day long, they think that caring about another is a criminal act. I have to wonder if they care about their mothers, I kind of doubt it. Anyone that spews that kind of hate can’t really care about anybody, not even their mothers. Jesus would be horrified to learn of this. He would be horrified to know that after making their fortunes off of this country, they have turned on it, but that is not surprising after all they turned on their mothers.

Marjorie Williams (@guest_1097783)
1 year ago

Gary m – according to Pelosi you cannot talk about “mothers” any more – what does she suggest we call the ones that birth our babies and take care of us all through our lives? I am sorry to say that Pelosi is a real “motherf*****” or can’t we say that any more?

Gary m (@guest_1097823)
Reply to  Marjorie Williams
1 year ago

Well, she can’t really do that ( as Mueller would say that is not under his prevue ). this dear old b!tch thinks she has more power than she has. Soon she will ban all the words in her dictionary, and she wont have anything to say. That would be grand, Silence is golden. Pelosi is a fatherfuker. I think?????

Gary m (@guest_1097788)
1 year ago

I heard that Omar was leaving the squad because AOC got a new girl friend, doesn’t want Omar any more. Omar is so full of hate for AOC’s new love, she is calling for a GHAD against AOC and her new love.

Gary m (@guest_1097790)
1 year ago

I think that it was Kelly that said AOC likes to play the victim. Well ! AOC is right she is a victim. She is a victim of her own immaturity, and life experiences. Lets face it you don’t learn much getting drunk in a bar.
As far as her higher learning is concerned she needs to go back to the school she went to and get her money back. She did not learn a thing.

AOC should watch Bernie very carefully as Biden greases Bernie’s butt, just as Hillary did in the DNC primary. Good old Joe thinks of himself as the Godfather of the Chinese Mafia ( The DNC ). Dang Nabit Crooks.

Swalwell isn’t the only Chinese spy in the government. There are hundreds in congress, they are called demonicrats.

Gary m (@guest_1097827)
Reply to  Gary m
1 year ago

AOC is just like her mother, after they hit two years old, their bodies grew bigger, but their gray matter shrank. So, that now they are still throwing tantrums when they don’t get their way, it is all in the family isn’t it.

Billy Richard Wilson (@guest_1097902)
1 year ago

Boy this will really hurt the Billionaires and millionaires ,that’swhere they have a lot of monet .Look out Pelosi abd other rich in Congress.

Gary m (@guest_1097956)
1 year ago

I don’t understand what Biden is complaining about, he says he wants more defense department information, but I don’t know what he needs it for. He keeps saying he is going to DEFUND the DEPARTMENT of DEFENSE, what is his problem. Talk about dementia, this guy has a real problem.

Linda C Harman (@guest_1097963)
1 year ago

The article didn’t mention it nor did any of the comments so far, BUT is Congress exempt from this law? It has exempted it’s self from other laws.

Linda C Harman (@guest_1097965)
1 year ago

Why not outlaw shell companies all together? If the company doesn’t do anything but hold money, it shouldn’t exist anyway.

A Seeker (@guest_1097992)
1 year ago

There will be zero Bet! Because, most of the POLITICIANS are NOT DOERS! They are TALKERS! The DOERS never have the time to be wasted on WORDS which most people do not have the BRAIN CELLS to understand, or else, too IMPATIENT when having to listen to someone else speaking and, not “HIM” or “HER”? We, the CITIZENS of this MIGHTY USA, we better wise-up and try to use our Brain Cells, not with our STOMACH, to do some criticle thinking! What are the Accomplishment of each POLITICISN whom we, the VOTERS, placed in our Governmental Systems, before we cast our VOTES? We must do some reading about them! Never to place a Selfish man or woman in anyplace that gives POWER! SMALL MINDS never short of abusing POWER! Within our current day situations, the only thing that is stable is our FAITH IN GOD by offering our TRUST in HIM that is to live our LIVES according to HIS WORDS! “If you love me, keep my Commandmnts!” HE NEVERATE HIS WORDS! He was “Tjhe word made flesh!” His flesh lived every word HE SPOKE! So must we, and those whom we placed in the THREE BRANCHES OF our GOVERNMENT! The Root that formed this MIGHTY “ONE NATION UNDER GOD! Indivisble! With Liberty and Justice for all!” Let all of us continue to lshare our Faiths and uniting our Strenghts for the GOOD of Our Beloved U.S. A. It is within HER UNITY we live our LIVES! If we are not UNITED then, we must be DIVIDED! Thus, we must be UNITED more than ever! Because, “The enemy of a man is from within his own houseld!” Matt. 10:36 Thus, the enemy of a country is from within that Country! We must seek Truth at every trun! “The tree is known by tis furit!” We must study every fruit from each tree! Trump is an excellent Father! His off- springs are all Good!

Gary m (@guest_1098020)
1 year ago

The Democrats have been rigging elections for years that is how they got a majority in the house and have been keeping it. That is why they want Trump out, they know that he knows. They have been dealing with communist governments for decades, and do not care about the people of this country, only themselves, so we they people are going to have to take control back from the government. The purpose of the lock downs is to keep the people from organizing any armed resistance, that is why we need to prepare before they can take our guns. We will need to take action before they do. This congress does not represent the people, the house and rhinos in the senate have been working with communist governments to take control of the country. We must stop the lock downs get back to work, and put in a new government, by the people, for the people. Amend the constitution with term limits, no immunity for lawmakers, eliminate lobbies having direct access to lawmakers, no gifts, no gratuities ( bribes ) for any government employee or official ( elected or appointed ).

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