- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
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.
So how can a middle class person with not a lot of money take advantage of this … asking for a friend.
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.
Sorry best we can do is raise your taxes.