Treasury Orders Erasure of Domestic Ownership Records

Discussion (4 Comments)Read Original on HackerNews

evanjrowley•about 4 hours ago

I recall many small business owners panicking when this requirement seemed to sneak up on them.

Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?

erentz•about 1 hour ago

I think the genesis was the Panama papers release way back. Turns out the US is one of the better places to launder money through.

I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.

rglover•about 3 hours ago

Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).

HWR_14•about 2 hours ago

The cost was filling out a form. Maybe you had to photocopy your ID.

And if I recall correctly it was only a felony to refuse to comply. The government sent letters that had to be ignored, etc.

Treasury Orders Erasure of Domestic Ownership Records

⚡ Community Insights

Discussion (4 Comments)Read Original on HackerNews