4 ms·
LLCs in particular are a very convenient minimal-fuss-required way to get "an entity the system knows how to interface with" spun up abroad. The US economy wel
by patio11 11y ago
LLCs in particular are a very convenient minimal-fuss-required way to get "an entity the system knows how to interface with" spun up abroad. The US economy welcomes investment by foreigners and foreign corporations. The simplest way to do so is to establish an LLC. These LLCs are often established by lawyers. Breathless reports to the contrary, this is actually very common and not in itself indicative of money laundering. This gives you an entity which can trivially (trivially -- fill out a form online, get emailed it in a minute) get a US tax ID issued and be used to fill in any boxes required by a bank, secretary of state, county office, etc etc etc.
- ellius 11y agoMost articles go out of the way to have some boilerplate agreeing with what you just said ("of course there are perfectly legitimate uses" etc), but the fact remains that property bought in this fashion has caused enormous money laundering issues. I wouldn't call the recent articles on this hysterical at all. Furthermore this is requiring confidential reporting to the US financial intelligence unit, not public reporting.
- tptacek 11y agoThis is a little bit like saying that money has caused enormous money laundering issues.