New RULE will force 33 million small businesses to report all details, yet shell companies...

Buried deep in the National Defense Authorization Act of 2021 was a new "rule" ordering a thing called "Beneficial Ownership reporting," allegedly to catch money laundering.

Beginning now 2024, the new law orders *some* U.S. companies--including small ones--to register their interest owners with the Treasury's Financial Crimes Network (FinCEN).  FinCEN claims this database will be used exclusively to identify anonymous shell companies involved in money laundering and terrorist activities.

But a closer look at the *details* show this is, at best, horseshit.

Reporting requirements apply to roughly  33 million companies.  So a really broad net, eh?  EXCEPT--as you already guessed--twenty-three categories of companies are exempt from reporting. These include investment funds, "broker-dealers," money-moving businesses and--by total coincidence--"existing shell companies with no foreign owners, assets, or active business.

Also exempt are banks, insurance companies,  public companies (??) and large accounting firms.

Wow, "existing shell companies" are exempt?  And "money-moving businesses"?  Don't those sound like exactly the kinds of companies you'd suspect could easily launder funds?  Sure.

But they're all exempt.  So what kinds of companies are left?

Did'ja guess?  Sure: small owner-operated businesses like restaurants, small builders,  professional service organizations, retailers, and similar things often called Main-Street businesses. These are almost always owned by hard-working "little people" who can't afford high-priced lawyers so are less likely to fight when the gruberment fines 'em $50,000 or so for failing to submit Form 983.u85/c3.

The new reporting orders take effect today for newly-formed companies and on January 1, 2025, for existing companies.

Think a corrupt shell company--say one of Hunty biden's 22 shells--will report self-incriminating transactions?  Of course not.  They'll simply label corrupt payments "Loan repayment."  It's just like incredibly tight anti-gun laws in shitholes like NYC and Chitcongo:  Duh RULZ say citizens can't own gunz--and yet all duh thugs gots guns.  Whoa, who coulda' predicted *that,* eh?

For the thousandth time: criminals do NOT obey laws.  But Democrats refuse to understand that basic law of the universe.

Should you not be one of the "connected" or elites, the penalties for failing to report all the newly required info are severe: fines of up to $500 per day and two years in prison.

Say, ya think someone like Hunty would be fined or imprisoned for failing to file required info?

Hahahahahahaha!  Hunty wouldn't even be *charged* for not filing--just like he hasn't been charged for money laundering and conveying bribes to his dad.  "Gosh, somehow the papers that may or may not have contained evidence got lost."  "It was an accident.  Or perhaps an 'oversight.'"

Sure--like the FBI failing to even investigate the 35,000 emails on Hunty's abandoned laptop.

Starting to see how seamlessly it all works yet?

Source.

https://www.americanthinker.com/blog/2024/01/the_beneficial_ownership_information_reporting_rule_and_the_surveillance_state.html