FILE - This Thursday, June 6, 2019 file photo shows the U.S. Treasury Department building at dusk in Washington. The Corporate Transparency Act, enacted into law on Jan. 1, 2021, seeks to strengthen controls by creating a registry managed by the Treasury Department that will contain the names of the true owners of both domestically-created shell companies as well as foreign ones conducting business in the U.S.
Now, thanks to a watershed overhaul of U.S. money laundering laws, locating the proceeds from foreign bribery, drug trafficking and financing for terrorists could be as easy as a few keystrokes. “It’s not an overstatement that this law is a game changer in some serious ways,” said Alonso, who is now in private practice advising clients on foreign corruption and anti-money laundering issues.Donald TrumpIt was introduced by Rep. Carolyn Maloney, a New York Democrat, in 2010 and early on faced opposition from banks and business groups worried about red tape as well as states such as Delaware and Wyoming, which reap important revenues from the registration every year in the U.S.
The new law seeks to strengthen controls by creating a registry managed by the Treasury Department that will contain the names of the true owners of both domestically-created shell companies as well as foreign ones conducting business in the U.S. “Congress was late to acknowledge that secrecy is alive and well in the United States,” said David P. Weber, a former U.S. Treasury investigator who was one of two experts to review the Panama Papers before publication. He now is a forensic accounting professor at Salisbury University in Maryland. “Kleptocrats and corrupt foreign officials did not need secret bank accounts in Switzerland. They were right here.
That could have astonishing implications
I bet thats the real reason Trump vetoed... thats going to affect both his and Kushners real estate deals. Now it makes sense...
Excellent. Hope they didn't forget about this. Donald Trump & Dmitry Rybolovlev
good, but first how about a story on the financiers of the planned coup. or is that just going to be swept under the rug
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