The Money Laundry is Now Open

04 March 2025, 00:12

quote:
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

Link

Removing that "burdensome" requirement to identify who actually owns shell companies involved in money laundering and tax evasion will surely unleash a capitalist Utopia...

04 March 2025, 00:29

Steve Bertram

As someone doing business internationally, I'm all for being vigilant about money laundering. At the same time, things have been going a bit overboard lately if you ask me. I have had several large international transfers held up for months, to a licensed dealer who I have been doing business with for years. I also had a shipment recently held for a deep inspection(first time for me) by Customs for over a month, they found nothing amiss.

I had registered already because it was the law but in this case I believe the right decision was made.

04 March 2025, 01:57

theback40

What is a deep inspection Steve?
Contents match the invoice, run a drug dog past it. What more do you do?

04 March 2025, 02:45

Jefffive

quote:
Originally posted by Steve Bertram:
As someone doing business internationally, I'm all for being vigilant about money laundering. At the same time, things have been going a bit overboard lately if you ask me. I have had several large international transfers held up for months, to a licensed dealer who I have been doing business with for years. I also had a shipment recently held for a deep inspection(first time for me) by Customs for over a month, they found nothing amiss.

I had registered already because it was the law but in this case I believe the right decision was made.

How, exactly is disclosing who holds "beneficial ownership" of a company "burdensome"?

04 March 2025, 02:51

Steve Bertram

quote:
Originally posted by theback40:
What is a deep inspection Steve?
Contents match the invoice, run a drug dog past it. What more do you do?

They looked over every bit of paperwork, opened the contents and saw that it matched the invoices and import permits. When all that was found to be order, they decided that I needed a power of attorney from each client stating that I was authorized to perform the import service, my broker has been doing this for years and has other firearms importer clients, the broker never heard of it before.

You just have to jump through the flaming hoops, far easier than asking why. I assume that the military was similar though I never served.

04 March 2025, 02:53

Steve Bertram

quote:
Originally posted by Jefffive:
quote:
Originally posted by Steve Bertram:
As someone doing business internationally, I'm all for being vigilant about money laundering. At the same time, things have been going a bit overboard lately if you ask me. I have had several large international transfers held up for months, to a licensed dealer who I have been doing business with for years. I also had a shipment recently held for a deep inspection(first time for me) by Customs for over a month, they found nothing amiss.

I had registered already because it was the law but in this case I believe the right decision was made.

How, exactly is disclosing who holds "beneficial ownership" of a company "burdensome"?

You realize that in my case a simple search on the Colorado SOS website will tell you everything that my registration did right?

Division of redundancy department shit...

I spend enough time doing paperwork.

04 March 2025, 03:03

Jefffive

quote:
Originally posted by Steve Bertram:
quote:
Originally posted by Jefffive:
quote:
Originally posted by Steve Bertram:
As someone doing business internationally, I'm all for being vigilant about money laundering. At the same time, things have been going a bit overboard lately if you ask me. I have had several large international transfers held up for months, to a licensed dealer who I have been doing business with for years. I also had a shipment recently held for a deep inspection(first time for me) by Customs for over a month, they found nothing amiss.

I had registered already because it was the law but in this case I believe the right decision was made.

How, exactly is disclosing who holds "beneficial ownership" of a company "burdensome"?

You realize that in my case a simple search on the Colorado SOS website will tell you everything that my registration did right?

Division of redundancy department shit...

I spend enough time doing paperwork.

If your company's paperwork shows you as the beneficial owner then this Act, passed by Congress, does not affect you, and it certainly had nothing to do with Customs inspections or money transfers.

04 March 2025, 03:11

Steve Bertram

I registered because my account told me to, he is the professional in this regard.

The delay in money transfers was was certainly related to scrutiny regarding money laundering. I had to fill out several forms at the request of the government on the receiving end stating that I had no affiliation with terrorist groups.

As far as Customs goes, it is way, way different than even a few years ago regarding required paperwork. A few years ago invoices were not required.

Additionally, I now need to provide invoices to my bank in order to transfer money, just a recent requirement, in the past I just told them how much to send and where it was going.

Anyone that does business internationally has seen the changes, not insurmountable but certainly more paperwork.

04 March 2025, 03:25

theback40

I hope things are kept on record that there were no issues in your deep search.
Once in a great while lets everyone know you are above board. To often is a true hassle.
It's interesting to hear government, state and federal, tell about how pro business they are. yet they are happy to throw every roadblock they can think of, in the way.