**Submission Statement:** The Trump admins decision to eliminate ownership reporting requirements is being presented as a cost-cutting, regulatory relief measure, but in practice makes it easier to conceal ownership of shell companies. It removes a major tool that law enforcement uses to trace money laundering, tax evasion, corruption, bribery, and other financial crimes.
Reducing financial transparency while also weakening institutions that regulate/prosecute financial crimes makes it all the more likely that financial corruption will spread and entrench itself in America. It also calls a “pay-to-play” style of regulation, in which the President can pick and choose who gets investigated – giving a free pass to allies and friends while punishing opponents.
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**Submission Statement:** The Trump admins decision to eliminate ownership reporting requirements is being presented as a cost-cutting, regulatory relief measure, but in practice makes it easier to conceal ownership of shell companies. It removes a major tool that law enforcement uses to trace money laundering, tax evasion, corruption, bribery, and other financial crimes.
Reducing financial transparency while also weakening institutions that regulate/prosecute financial crimes makes it all the more likely that financial corruption will spread and entrench itself in America. It also calls a “pay-to-play” style of regulation, in which the President can pick and choose who gets investigated – giving a free pass to allies and friends while punishing opponents.