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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... "If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump | ||
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| One of Us |
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. | |||
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What is a deep inspection Steve? Contents match the invoice, run a drug dog past it. What more do you do? | |||
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| One of Us |
How, exactly is disclosing who holds "beneficial ownership" of a company "burdensome"? "If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump | |||
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| One of Us |
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. | |||
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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. | |||
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| One of Us |
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. "If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump | |||
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| One of Us |
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. | |||
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| One of Us |
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. | |||
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The Act should be enforced because it is a valid law, but what it put small businesses through was ridiculous. Congress should repel it. | |||
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One of Us |
One word…bureaucracy so I hope new administration will ease that off but I won’t hold my breath Never been lost, just confused here and there for month or two | |||
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