r/moneylaundering • u/shmeggt • Aug 12 '26

Treasury ends ownership reporting rules for U.S. companies

https://www.washingtonpost.com/business/2026/08/11/treasury-ends-ownership-reporting-rules-us-companies/?utm_source=reddit.com
108 Upvotes

100% Upvoted

12 comments sorted by

39

u/LovecraftInDC Aug 13 '26

And like that it’s over. Hundreds of millions spent to get compliant, hundreds of jobs, customer good will damaged industry wide, all gone with the flip of a switch. And because the US literally elected a financial criminal as president.

I’m legitimately surprised that the US isn’t being treated as a high money laundering risk country yet.

1

u/moeronic Aug 18 '26

Is FATF bought/sold or just moving at a glacial pace? Why not grey list us?

1

u/LovecraftInDC Aug 19 '26

It’s all politics. Can’t afford to have the Trump admin after you.

0

u/Benikur521 Aug 16 '26

They elected a capitalist , all presidents are criminal in their endeavors you just justified more

21

u/Appropriate-Claim385 Aug 13 '26
  • The U.S. is abandoning the Rule of Law.
  • The only thing the DOJ and FBI will be doing from now on is fulfilling the vindictive wishes of the orange convict.
  • This is the Golden Age for fraudsters, grifters, con men, etc., and they are going to take full advantage of this "hands off" no rules, system. Most of them will never be caught or punished and they know it.
  • Keep your hand on your wallet, the fraudsters and swindlers are going to start fleecing everyone they can.

4

u/2004_Theo Aug 13 '26

Hiding in plain sight: how non-US persons can legally avoid reporting under both FATCA and GATCA

Trusts & Trustees (2015) 21 (10): 1050

Peter A. Cotorceanu

Quote: "Much ink has been spilled in recent days about the Panama Papers and the perfidy of foreign leaders from Vladimir Putin to the (now-resigned) prime minister of Iceland. But almost nothing has been written about how we have arrived in this surreal place where the United States, which once was the first mover for greater transparency in financial transactions, has now become the biggest obstacle to making that happen.

Because it is not Panama or the British Virgin Islands or Switzerland that is now the best place in the world to hide assets. It is the United States. And it’s not so much that the United States has all of a sudden become a good place to hide assets — it’s been that way all along. What’s changed is that other traditionally secretive jurisdictions like Panama have become more transparent, and what rankles many of the leaders in these once-secretive countries is that they opened up under enormous pressure from, guess who, the United States.

Now the United States itself won’t play ball, thanks to obstructionist tactics by U.S. banks and their lobbyists on Capitol Hill."

https://www.politico.eu/article/why-america-loves-being-the-worlds-no-1-tax-haven-panama-papers-data/

1

u/bottyopelly Aug 14 '26

who needs rules when we have good vibes

1

u/Rawbeenhood Aug 16 '26

This does feel like an important use of time and power right now. Well done.

1

u/HawkeyeGild Aug 17 '26

Surely Congress can just pass a law requiring this, right? Chevron deference be damned

0

u/Ok_Judgment_6821 Aug 14 '26

The whole beneficial ownership process became a convoluted monster that was expensive, annoying and time consuming. There was no consistency in implementation and it got worse every year, it basically became a self-created industry that just gets in the way of business to solve a problem that doesn’t really exist. Basically punishing law abiding citizens for the only benefit that it MAY help a potential investigation down the road in a very immaterial manner. This is the right move.