Proposed rule would shed light on who owns anonymous shell companies, a huge blow to financial terrorists who use these shells to launder money.

This ones a bit of fun. Looks like the US treasury department is getting their wheels turning.

of course the bankers don’t want their money laundering schemes exposed

I think this is the really interesting part :

"The American Banking Association had originally hoped that a reliable ownership database would reduce burden on bank staff in performing due diligence to ensure clients are not moving dirty money through company accounts. But the Treasury Department’s latest proposal would require bankers to ask for a client’s consent to seek their information in the database. Once a client approves, the bank would also have to submit a request to be reviewed by Treasury Department officials each time they wanted to access ownership information. The banking association said the proposed set-up would be “so limited that it will effectively be useless.”

Ross Delston, a Washington, D.C.-based attorney and anti-money laundering specialist, told ICIJ that requiring bankers to attain customers’ consent before accessing ownership data is one of the most egregious flaws of the Treasury’s proposed management of the database.

“This can only be thought of as an attempt to limit the utility of the registry and is not found in any of the registries around the world that are actually useful, and publicly accessible,” Delston said."

This time it seems not the bankers but the Treasury Department.

WHAT A STUPID PROPOSAL:

I just wanted to jump in and say that the picture is showing a building in Northern Virginia close to Tysons Corner and I remember seeing this building on one of the top 10 lists of worst architecture in the US.

International banks opposing effort to expose money laundering?

This is my not shocked face...

You guys are messing up their whole business model wtf? How can they hide their asses without hiding their assets.

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OP has provided the following link:

https://www.icij.org/investigations/fincen-files/proposed-rule-would-render-us-company-registry-effectively-useless-bankers-warn/?utm_source=ICIJ&utm_campaign=7875abaed2-20230222_WeeklyEmail&utm_medium=email&utm_term=0_992ecfdbb2-7875abaed2-83522090

This has to be “proposed” lol what a fucking joke

The truth is self evident. Nothing is a huge blow until it actually is and does something

I hope this inadvertently helps the North American real estate market come back down to sane, realistic prices