Posted on 01/02/2024 5:03:03 AM PST by MtnClimber
The 2021 National Defense Authorization Act created the Beneficial Ownership Information (BOI) reporting rule to ostensibly target money laundering. Beginning January 1, 2024, the Act mandates U.S. companies, regardless of size, to register their beneficial and controlling owners with the Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN claims the corporate ownership database will be used exclusively to identify anonymous shell companies involved in money laundering and terrorist activities. Once again, like the Patriot Act, it grants surveillance powers violating the Constitution. There is no provision for judicial oversight to protect individual rights as if that ever mattered.
Reporting requirements apply to an estimated 33 million reporting companies defined as corporations, limited liability corporations, or similar entities. There are twenty-three categories of companies that are exempt from reporting. They are nonprofits, banks, insurance companies, investment funds, public companies, broker-dealers, public accounting firms, money-transmitting businesses, and existing shell companies with no foreign owners, assets, or active businesses.
The main scope is Main Street businesses like small owner-operated businesses like restaurateurs, construction trades, professional service organizations, retailers, and other privately owned businesses. Reporting requirements take effect in 2024 for newly-formed entities and on January 1, 2025, for existing entities.
The law imposes its heaviest burdens on law-abiding U.S. citizens. At the same time, criminal enterprises will not report, manipulate, or avoid disclosure requirements undermining the law. This is similar to municipal gun control restrictions; criminals just ignore the law. The FinCEN database will be composed of law-abiding companies.
Reporting Requirements
“Beneficial owner” is defined as “an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise exercises substantial control over the entity” or “owns or controls not less than 25 percent of the ownership interests of the entity.” For each of the covered individuals, the reporting company must furnish...
(Excerpt) Read more at americanthinker.com ...
I wonder how many small businesses even know about this. Maybe that is the plan.
Carol Roth has been trying to alert people about this. It’s obviously going to be a spectacular waste of people’s time & money - aside from the surveillance aspect of it. If Hunter Biden’s activities were flagged multiple times under current rules, & no one in authority acted, what makes them think it’ll change with this?
The enabled Biden Crime Family business arrangements? Government v. citizen.
My guess is that it’s just another way to go after Patriots, especially ones named Trump!
If Hunter Biden’s activities were flagged multiple times under current rules,
& no one in authority acted, what makes them think it’ll change with this?
Good point. Then again, all those other targets do not have a father in control of the DOJ.
Seems to be a good idea at first blush.
I think we have a big problem, not just with organized crime and shady groups, but also with foreign money in our politics, which something like probably should help catch or slow down. However, if you read a little more, it does what so many laws do, which is the opposite of how it’s portrayed. It actually seems to shield the dirty money and burden law-abiding small business owners. Why?
The government likes to make lists. For some reason, the only people they don’t want lists on are criminals and illegals.
It all comes down to the elites - those with lots of money & power - will not face any consequences. People need to be screaming at their legislators over this. And refuse to comply.
Both were from people who had immigrated LEGALLY into this country from 1) Cuba and 2) Checklavoskia -- both communist countries (when they migrated).
Both had been here for over 25 years, and both, independent of one another, expressed the fact that our beloved USA is becoming more and more like the countries they escaped!
They were preaching to the choir when they told me, and this reporting requirement is just another perfect example.
I make my living helping small businesses comply with certain complex federal rules. The rules are a nightmare!
This control will not get better -- it will only get worse.
The bill passed both the House and Senate with veto-proof majorities on December 11, 2020.
The bill was presented to President Trump on December 11, who vetoed it on December 23, because it renames military bases that honor Confederate officers, and because it does not repeal Section 230 of the 1996 Communications Decency Act, which shields internet companies from being liable for what is posted on their websites by third parties.
The House and Senate voted on December 28, 2020, and January 1, 2021, respectively, to override the veto; this was the only veto override of Trump’s presidency.
It presumes guilt before innocence.
I think it is called The Corporate Transparency Act.
And I seriously doubt it applies to congress critters.
Can anyone clarify as to that?
BKMK
More massive increase in the pretense of “security” with a definite decrease in Liberty.
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