business

U.S. makes corporate transparency commitment with 20 nations

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By FATIMA HUSSEIN

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“We have seen corrupt foreign officials bury stolen funds in U.S.-based shell companies; kleptocrats launder kickbacks through anonymous purchases of foreign real estate; and elites move corrupt proceeds through complicit or unwitting financial gatekeepers like attorneys or wealth managers," Yellen said.

But let's don't talk about the world famous multi-nationals and oligarchs documented in the Panama and Pandora Papers whom this is their modus operandi.

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South Dakota is known to have highly permissive state banking laws which has gained it tremendous overseas deposits. $367B hidden there according to https://www.theguardian.com/news/2021/oct/04/pandora-papers-reveal-south-dakotas-role-as-367bn-tax-haven

As a small business owner, I already feel like the govt knows too much about it. We setup a C-corp and numerous LLCs to keep different operations separate and have some flexible control over income in each jurisdiction. Because each state has different laws and follow the laws for some states is fine for those specific clients, but would be too costly to do across the entire company, we setup an LLC when multiple clients in a state require it.

We've turned down some work, because the clients were located in some states with onerous laws - Massachusetts is an example. If we had 10 high paying clients there, it would be worth the effort and expense, but not for 1 small client.

I have little interest being in yet another Federal DB.

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So they can spy on us and control us all more easily. They are semi-globalising Big Brother on a Cold War basis.

How about some transparency in government? Instead we read about what slips out in magazines like 'Private Eye'.

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So they can spy on us and control us all more easily. They are semi-globalising Big Brother on a Cold War basis.

US Banks already have a number of Federal reporting mandates where it concerns money transfers over $10K in a month. For lots of people, that means their monthly salary gets them reported. The $10K/month limit hasn't been adjusted up with the cost of living like many other things get adjusted. Basically, the govt already knows about all payroll numbers due to SSN and other tax reporting mandates.

Banks have the "Know Your Customer" laws to meet too. https://en.wikipedia.org/wiki/Know_your_customer

Creating more reporting related to small businesses will be another govt regulation dumped on small businesses that has limited, if any, good use. But Financial companies will have the most added workload.

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