4 ms·

> but this law was intended to fight the money laundering schemes the cartels used to fund their operations Did that work?

• JumpCrisscross 2y ago
  > Did that work? Our entire AML regime has scant evidence of efficacy [1]. Scrapping KYC and AML and creating a public beneficial-owner database (like the SEC’s EDGAR) for entities doing business in America would frankly be more effective. [1] https://scholarship.law.nd.edu/cgi/viewcontent.cgi?article=1015&context=ndlr_online https://scholarship.law.nd.edu/cgi/viewcontent.cgi?article=1...
  • xracy 2y ago
    I like the part where your comment about it not having evidence is right next to the comments about the evidence is yet-to-be-published.
    • JumpCrisscross 2y ago
      > your comment about it not having evidence is right next to the comments about the evidence is yet-to-be-published Beneficial ownership information is/was a new component of anti-money laundering. The previous AML had scant evidence of working. BOI was never mandated, so of course we have no evidence either way. But my priors are grim given the framework it emerges from, AML, hasn’t been particularly successful.
• legitster 2y ago
  The reporting deadline was going to be March 21, 2025.
• hristov 2y ago
  It did not work because they did not try it. They suspended enforcement before the thing was going to take effect.
• salynchnew 2y ago
  User "timewizard" should note that the date of reporting for this law was still in the future when the law was effectively killed.