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>The act also makes “deliberate false statements or willful evasion of its requirements” a federal crime, punishable by up to three years in jail. Considering
by boomboomsubban 6y ago
>The act also makes “deliberate false statements or willful evasion of its requirements” a federal crime, punishable by up to three years in jail.
Considering almost everyone this bill targets is a non-US citizen, this punishment doesn't seem like much of a deterrent. I'm skeptical that we'll see a string of executive extradition cases over this.
It probably does make large scale civil forfeiture easier though.
- cool_dude85 6y agoIt's my understanding that it's not uncommon for a, for example, doctor in the US to own an anonymous shell company based in the Cayman Islands or somewhere similar for tax purposes. Presumably the US-citizen doctor would be on the hook for the federal crime regardless of his shell company's location, and there's no need for extradition.
- boomboomsubban 6y ago>Presumably the US-citizen doctor would be on the hook for the federal crime regardless of his shell company's location, and there's no need for extradition. This law requires providing some accurate information when forming a company in the US. A shell company in any other country would never violate this law.
- jjk166 6y agoThe people who want to set up anonymous shell corporations may not be US citizens, but the people who are actually filing the paperwork here in the US most likely are.
- boomboomsubban 6y agoIt isn't clear that the people filing paperwork are at any risk from this bill.