Killing a Mosquito with a Bazooka
You have probably seen a cop show where there is a company owned by an entity that is owned by another entity to hide the real owners. A perfect example of someone using what can be referred to as “shell companies” is Hunter Biden having more than 20 of them. Congress wants to stop these activities which are believed to be sheltering illegal activities. Their solution? A proposal with such overkill it is akin to killing a mosquito with a bazooka. The Corporate Transparency Act passed in 2021 with bipartisan support. It put enforcement of this in the hands of a U.S. Treasury bureau named the Financial Crimes Enforcement Network (FINCEN). According to Director Andrea Gacki, their website states “This final rule is a significant step forward in our efforts to protect our financial system and curb illicit activities.” “BOI (Beneficial Ownership Information) can provide essential information to law enforcement, intelligence, and national security professionals as they work to protect the United States from bad actors who exploit anonymous shell companies to engage in money laundering, corruption, sanctions and tax evasion, drug trafficking, fraud, and a host… Read More