Post by thunderhawk on Mar 6, 2024 12:29:48 GMT -6
I completely agree with this judicial decision from a Trump judge.
apnews.com/article/money-laundering-treasury-corporate-transparency-499609f3d421e69708a0e108c0ff438c
It's a terrible law. If small companies (most of them small business LLCs) fail to file a report with the US Treasury by Jan 1, 2025, they could face thousands of dollars of fines and up to two years in prison. Basically, there's a presumption of criminality. Unbelievable.
I have to go through my files and send out hundreds of letters to clients to warn them of this fucking bullshit. No doubt I'll be spending a shit ton of time trying to help them comply. None of these people are laundering Russian Vor or Mexican cartel money.
Our government is retarded as fuck sometimes.
apnews.com/article/money-laundering-treasury-corporate-transparency-499609f3d421e69708a0e108c0ff438c
WASHINGTON (AP) — In a blow to the Biden administration’s effort to increase corporate transparency, an Alabama federal district judge has ruled that the Treasury Department cannot require small business owners to report details on their owners and others who benefit from the business.
U.S. District Judge Liles C. Burke decided late Friday that the Corporate Transparency Act, a landmark U.S. anti-money laundering law enacted as part of the National Defense Authorization Act for fiscal year 2021, is unconstitutional on the grounds that Congress exceeded its powers in enacting the law — and so the rulemaking stemming from it is unlawful.
The National Small Business Association filed suit in November 2022 to block the requirement that tens of millions of small businesses register with the government as part of an effort to prevent the criminal abuse of anonymous shell companies.
U.S. District Judge Liles C. Burke decided late Friday that the Corporate Transparency Act, a landmark U.S. anti-money laundering law enacted as part of the National Defense Authorization Act for fiscal year 2021, is unconstitutional on the grounds that Congress exceeded its powers in enacting the law — and so the rulemaking stemming from it is unlawful.
The National Small Business Association filed suit in November 2022 to block the requirement that tens of millions of small businesses register with the government as part of an effort to prevent the criminal abuse of anonymous shell companies.
It's a terrible law. If small companies (most of them small business LLCs) fail to file a report with the US Treasury by Jan 1, 2025, they could face thousands of dollars of fines and up to two years in prison. Basically, there's a presumption of criminality. Unbelievable.
I have to go through my files and send out hundreds of letters to clients to warn them of this fucking bullshit. No doubt I'll be spending a shit ton of time trying to help them comply. None of these people are laundering Russian Vor or Mexican cartel money.
Our government is retarded as fuck sometimes.
