The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners.

  • @[email protected]English
    20•1 day ago

    So how can a middle class person with not a lot of money take advantage of this … asking for a friend.

    • @PineRune
      13•1 day ago

      Sorry best we can do is raise your taxes.

    • @[email protected]English
      4•21 hours ago

      Crime, unfortunately.

      Money laundering is done to “clean” illegal profit (hence the name). Say your business sells a bit of a meth precursor to a high school chemistry teacher for more than it would legally. You need a way to explain the extra money, and a way to explain where than precursor went.

      Things that this won’t protect: sex work, drug dealing, hawking stolen goods. Things this will protect: owning a building where you were unaware every tenant was a sex worker, running logistics company that some bad apples on the exact same routes always carried packages of cocaine, or selling artifacts smuggled out of foreign countries.