Paul Chambers on Nostr: Texas US appeals court halts enforcement of anti-money laundering law ...
Texas US appeals court halts enforcement of anti-money laundering law
https://www.voanews.com/a/us-appeals-court-halts-enforcement-of-anti-money-laundering-law-/7916461.html
The law. (22 pages) https://www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf
‘‘Corporate Transparency Act’’
It is the sense of Congress that—
(1) more than 2,000,000 corporations and limited liability
companies are being formed under the laws of the States each
year;
(2) most or all States do not require information about
the beneficial owners of the corporations, limited liability
companies, or other similar entities formed under the laws
of the State;
(3) malign actors seek to conceal their ownership of corpora
tions, limited liability companies, or other similar entities in
the United States to facilitate illicit activity, including money
laundering, the financing of terrorism, proliferation financing,
serious tax fraud, human and drug trafficking, counterfeiting,
piracy, securities fraud, financial fraud, and acts of foreign
corruption, harming the national security interests of the
United States and allies of the United States;
(4) money launderers and others involved in commercial
activity intentionally conduct transactions through corporate
structures in order to evade detection, and may layer such
structures, much like Russian nesting ‘‘Matryoshka’’ dolls,
across various secretive jurisdictions such that each time an
investigator obtains ownership records for a domestic or foreign
entity, the newly identified entity is yet another corporate
entity, necessitating a repeat of the same process;
https://www.voanews.com/a/us-appeals-court-halts-enforcement-of-anti-money-laundering-law-/7916461.html
The law. (22 pages) https://www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf‘‘Corporate Transparency Act’’
It is the sense of Congress that—
(1) more than 2,000,000 corporations and limited liability
companies are being formed under the laws of the States each
year;
(2) most or all States do not require information about
the beneficial owners of the corporations, limited liability
companies, or other similar entities formed under the laws
of the State;
(3) malign actors seek to conceal their ownership of corpora
tions, limited liability companies, or other similar entities in
the United States to facilitate illicit activity, including money
laundering, the financing of terrorism, proliferation financing,
serious tax fraud, human and drug trafficking, counterfeiting,
piracy, securities fraud, financial fraud, and acts of foreign
corruption, harming the national security interests of the
United States and allies of the United States;
(4) money launderers and others involved in commercial
activity intentionally conduct transactions through corporate
structures in order to evade detection, and may layer such
structures, much like Russian nesting ‘‘Matryoshka’’ dolls,
across various secretive jurisdictions such that each time an
investigator obtains ownership records for a domestic or foreign
entity, the newly identified entity is yet another corporate
entity, necessitating a repeat of the same process;