The Trump administration's recent decision to discontinue enforcing penalties related to beneficial ownership reporting under the Corporate Transparency Act has provoked significant backlash. Critics argue that this loosening of regulations opens the door for corruption, tax evasion, and money laundering. The Corporate Transparency Act was designed to bring transparency to who owns and controls various business entities, requiring disclosures to the Financial Crimes Enforcement Network. Advocates for the Act highlight its importance in combating anonymous companies that facilitate illegal financial activities.
"The White House has killed the Corporate Transparency Act, which was itself a tiny first step in the marathon journey of stopping U.S. companies from being the most egregiously opaque shell structures on the planet."
"Exciting news for tax evasion and money laundering!"
"To oppose corporate transparency is to favor corruption."
"This move is an on-ramp for corruption."
#corporate-transparency #financial-reporting #anti-money-laundering #corruption #trump-administration
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