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If someone really wanted to slow illicit businesses, they would look at ones of the US's biggest exports: shell corporations. Delaware and South Dakota churn th
by imglorp 2y ago
If someone really wanted to slow illicit businesses, they would look at ones of the US's biggest exports: shell corporations. Delaware and South Dakota churn them out legally by the hundreds of thousands. This is how all that laundering, tax evasion, and worse is performed.
Tie then all to owners and halt much of this.
- benmanns 2y agoStarting January 1, 2025, existing companies will need to report beneficial owners to FinCEN, which may start the process of cutting down on shell company abuse. https://www.fincen.gov/boi-faqs#B_2 https://www.fincen.gov/boi-faqs#B_2
- avidiax 2y agoLast I heard about this, the shell companies have 6 months after creation to declare the true beficial owners. So it seems like the game continues, now in 6 month installments.
- csomar 2y agoFirst, let me be clear that no one (country) wants to slow illicit businesses making inflows (and not committing the crime inside said country). Second, while Delaware offers privacy, you still need to bank (or even crypto) and that requires KYC/AML which really makes Delaware nothing more than a privacy tint. Finally, I don't think any country/regulator cares about all of that; they are just (in my opinion) using this as a scapegoat to remove cash.
- imglorp 2y agoIsn't the privacy tint the meat of laundering? After passing through a couple shells, KYC at that point just knows who made a bunch of income, but not how. What's the rest of the story?
- deleted 2y ago[deleted]
- toast0 2y agoShell Corporation is based in London these days ;p