🚨This law enacted by Congress, created a new BOI reporting requirement "as part of the U.S. govt’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures."
While I agree that there is some money laundering and tax fraud that goes through anonymous LLCs, the real issue with money laundering that we face right now is cryptocurrency, including the “strategic reserve” and Trump coin.
As a small business owner: Thanks trump. You saved me having to fill out a free form that took all of 10 minutes to fill out and submit in exchange for more corruption…. What a win for small businesses. I’m no longer oppressed 🙄
And corrupt politicians. The Russians and Saudis will no longer have to pay highly inflated prices for apartments in towers they have no intention of living in order to put money in pockets.
Who does he (DJT) owe for being elected? Musk? Putin? ⬛+mail?
What should Schumer&Jeffries be doing?Mitch McConnell fought vs. Dems and Obama presidency? A louder leadership in #House & #Senate would inspire us!!! #Dems #VoteDem! @politicsgirl.bsky.social
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"Russian wish-list", I read this 5 mins ago and am still laughing at it. Sad but true at the same time, there probably is a Russian wish-list some where. What's next I wonder?
Someone somewhere said that it’s not really about pee but that it’s “p” for pedo. And now I think it’s probably true. Because anyone who understands trump supports understands that this is probably the only sin that would be unforgivable for an “imperfect vessel”.
To launder money you are best to build a network. Rules like this keep someone from hiding behind 6 shell companies, making transactions easier to trace.
trump says he wants to stop Fentanyl, but he stopped this rule that COULD have traced where the money goes.
Exactly. For most business owners, the only info that is in a BOIR that is not on your tax return is your driver’s license/passport info. It is used to confirm an owners identification is legitimate. BOIR is not invasive or cumbersome; that is a farce, unless your business is not legitimate.
In reality, I don't know a SINGLE business owner who doesn't already have a copy of their DL saved on their computer. It's petty standard for loan apps, mortgages, etc.
I was being generous at saying 15 minutes, it's a couple of minutes per business.
Thank you. It's not a barrier. It's a basic form. Everyday internet business asks us to prove we're human, verified to ID tags, and belong to certain devices in certain locations. It's really okay that it takes ten minutes or, dare I say, a few days to set up and verify a business and its entities.
This should come at no surprise since in 2015, Trump Taj Mahal was fined $10 million for REPEATED anti-money laundering violations designed to protect our financial system from organized crime & money laundering.
Trump=Corruption (the likes that no one has ever seen before)
So we eliminated education, and then they divided us by demonizing compassion. Then, our government dropped to their knees and begged the orange Jesus for money.
He doesn’t have the authority to do almost any of the things he’s doing by executive order. Congress writes laws and the executive isn’t authorized to vacate those laws by decree. Whether he has the power to do it anyway is only a question of who is willing to stop him. GOP-controlled Congress? Ha!
Essentially, the president can pass executive orders that apply to the areas of the federal government under the executive branch. STATES do not have to follow these, they are suggestions, and each state has the power to decide to follow the president's example. But he bullies states to follow.
Congress can impeach him, but it won't.
A person harmed by nonenforcement could sue, but you have to wait for a case that is more specific to the victim than a general fraud on the marker.
Basically Americans trust Presidents to mostly follower the law, creating an opening Trump exploits
Everything he is doing (or has done) is to make it harder for lying thieves like him to be prosecuted or to avenge a past imagined slight. But no matter what he’s grifting out in the open. And no.one.cares!
The line between successful business and criminal enterprise has always been a blurry one, the current admin comes from the less accepted side of that line, but can now redraw the lines again.
As a small business owner, my impression of the BOI was at best dubious from the start. Like the IRS only targeting small businesses and middleclass Americans, and not the big money corporations or oligarchy, enforcement actions under BOI were only ever going to impact the smallest of businesses.
A hurdle with minimal impact on those big corporations with armies of high-priced attorneys. But Trump is about eliminating all hurdles for people who could possibly give him money.
So you don't think he keeps Elon Musk around because Elon Musk can give him money? He most certainly keeps people around who he thinks can give him money. The caring part is about getting the money, not the person he's keeping around.
Yes, he cares about Ellen making him money, he doesn’t give a fuck about some red tape that only trips up small businesses, they are completely insignificant to him. He’s not making money off of small businesses, he’s eliminating them so that his corporate friends can completely take over.
Seriously find me a small biz owner who is so negatively affected. I took 10 min to read through things and then took a short time after to fill it in. But I just have a single member llc.
It is quite cumbersome for those who are not good with computers. In community property states, 4 member-entities have report their spouses also. So, annoying. That being said, this was a bipartisan bill to root out money laundering using domestic or foreign shell companies. So, yay, corruption!
You are probably right, but there are certainly many companies charging a couple of hundred bucks to file one BOIR. Many Americans are always complaining about how intrusive the fed government is. The same people probably support the orange turd.
Loot the country with both hands. No oversight on anything, our government will buy crypto with taxpayer dollars to build wealth for the rich. Give tax breaks to billionaires and cut social security nets for the poor. It needs an applause 👏🏼👏🏼👏🏼👏🏼
This is US official new -and completely opaque - conduit to pay for all the oil smuggled by the Russian shadow Fleet. With maybe just a little skim to buy Melania and DOGE coins…
I'm not quite sure what he's doing here !
But it sure sounds like we're gonna take a porkin' !
Sounds a lot like him greasing the wheels, so that his criminal pals are not held accountable, when they cheat !
Has he done just one positive thing for the American people, since returning to office ?
Because no foreigners ever hide behind falsely American held companies. When Trump passes out those $5 million green cards it will be even easier to launder money. They can partner up with the Tate Boys or Ross Ulbrecht. trump welcomes all wealthy criminals w/ open arms. Only the best!
Not that I have any, but there's a line on the tax return asking if I control any foreign corporations or bank accounts.
Are they going to change the form or is that only for billionaires?
Do I type 'FO' ?
steal away. the current regime is in the process of stealing everything we & future generations ever hoped to enjoy--our retirement funds, SS, healthcare, veterans benefits, civil rights, a planet (not to mention being able to afford to make a f*cking omelette). at least you were upfront about it. 🍳
the possibilities are endless, just like the amount of chaos, cruelty, and geopolitical damage these bunch of inbred billionaire pedophiles manage to create. together, they're like the hadron collider of assh*les. ⚛️⚛️⚛️
The simple fact is America has become my enemy. They have aligned with Russia, Belarus and North Korea, they are a gangster state without a moral compass. Britain is now leading the free world.
Make no mistake about what this is about…it allows Trump’s oligarch cronies to avoid any governmental regulation and legal oversight of their criminal transactions.
Trump needs to be impeached and tried for Treason. Musk should be as well as every damn GOP member who has allowed our once great country to become their stinking cesspool!
Feels good to say that, but not practical or possible. Strategic focus is supporting groups like @democracyforward.org, then joining your friends in street protest 💙
Some time back I was on the board of directors of an U.S. AML (anti money laundering) software company. Left the role a while ago but have to believe that it suddenly ain't a great business
So now when HSBC wants to launder drug cartel money they can offer their services in Mexico *and* the US. That's certainly better than filing charges against them under RICO or something amirite guize?
In other words, trump can now be a ‘sleeping’ partner in overseas firms and sell favors with a cut of the proceeds going to his hidden overseas - this is exactly the same way Putin amassed a $200+ billion fortune
Well. As a small business owner it was very invasive and onerous. But, I complied immediately. I do see its value & the reasoning behind it. It will allow launderers to keep washing.
The tentrals of corruption will soon be everywhere. We will be left with a country full of weeds that the following president will have to clean up. Hopefully the next won't be republican.
Most of us agree on that one. Problem is, nothing can be done if law is just a piece of paper. Judges ordered this administration to reverse some things. They haven't. Supreme court is in Trump's pocket. Sooooo..... I'd love to see a solution, I sincerely want one.
Indicative of the real welfare queens and terrorists you need to worry about, not someone from another country, they're right in your backyard, running multi-billion dollar corporations, and holding office.
Your oppression is their profession
There's the explanation. They gotta get in on that river of dirty cash. Can't let the rest of the world snatch it from our grubby fingers. We're 'Murika.
That's a silly old drug warrior boogeyman story, still told by cops. Nobody has ever od'd from handling cash and tellers don't handle individuals bills that way, preferring machines. They handle stacks and for them to get any meaningful exposure, the shit would have to be piled on a half inch deep.
All 3 of our major banks were involved as was every one of the global ‘ big ‘banks. Deutsche bank, the largest RU bank had 20% of the transactions. Where were the JPM transactions? In NY or elsewhere?
BOI reporting takes 5 minutes. Removing the requirement substantially enables foreign entities to launder money through U.S. shell companies. Of all the shocking corrupt Trump initiatives this may be one of the biggest red flags. There is simply no explanation for it that isn't corrupt.
Know Your Client applications have this functionality baked in. The industry now has to modify their apps and processes. And what the hell else is he going to change tomorrow? More chaos. Elon's starlink terminals aren't going to help any more than they will help the FAA.
With friends like this....
Starlink helped him cheat to win the election. Otherwise it’s another “con”tract for muskrat. He’ll keep making changes until the cheating is so bad that people are actually cheating HIM! lol.
How would starlink cheat in an election? None of the machines are hooked up to the internet. Really curious bc I think the last election was rigged but can’t figure out how they would do it in all the swing states. Thanks
I wouldn't put too much weight on that claim. You're right, most voting machines aren't networked. Harris' internal polling was consistent with the outcomes, which is why she conceded so quickly.
I'm so twisted about this. Not being networked with a cable, they might still have an administrative wifi or even a terminal app to a phone line, as dumb as it sounds. Even a usb port would be bad, but I don't think the machines were compromised either. I figure they could not keep that a secret.
Exactly - what burden on small businesses? It look me 5 minutes to complete. This is not about helping the small businesses fueling the American economy. This has always been about the corruption.
What took me the longest was trying to get a straight answer whether my small business was exempt. So I read all the exemption info. Looked to me like the potential worst offenders could be exempt.
(I filed it for my biz to be on the safe side.)
Ok, but I manage a small HOA and have been trying to get the board members to submit their info. They still haven’t done it. So now this small Association is going to fined more than they even make in a year?
Unfortunately that’s not true. Every HOA had to have their board members submit this info. Basically any organization that was formed by submitting paperwork to your state SOS. So any LLC or nonprofit falls under that umbrella.
Can confirm. If he wants to be useful, have DHS stop making me change my password to E-Verify every 6 months or de-activating my account when I haven't logged on in a while because I haven't had any new hires.
The ones who can see it have no power, and those who will benefit from it will happily feed more dark money to Lord Dampnut's coffers. America is now open for money laundering.
There is a reason the Republicans have courted “low information” voters. A lot of folks don’t read. And the remainder of the Republicans benefit from the corruption.
Sadly an entire swathe of America has been convinced that the government is evil, that everything wrong is the governments fault, and that any beneficial gov policy is socialism and therefore the enemy of freedom loving capitalists.
And when this all goes wrong too, guess who they will blame?
The Corporate Transparency Act is an anti-money laundering law that directs businesses to report their ownership structures... clear ownership structures make it more difficult for bad actors to use shell companies for illicit activities like money laundering or drug trafficking.
Anyone who cooperates with or follows the orders of this puppet government is a traitor to America and must be dealt with accordingly after the end of the occupation.
The truth is that the ultra-wealthy use a ton of small businesses to move their money around. A "small business" is a mom-and-pop, a local grocery store, a local sign printing business... Not a business tied to a PO box that somehow generates millions in revenue without more than a few customers.
BOI is really just so that the government knows who benefits from the operations of the business. It takes 5 minutes in most places to apply.
This isn't a detriment to any real small business, only to the wealthy that don't want you to know where there money goes.
AKA MONEY LAUNDERERS.
"Businesses with 20 or fewer employees"
As an accountant for a couple of decades now, the sketchiest companies you'll ever see are those that have 5 or fewer employees, generally the owner and a few family members on payroll so they can reduce their corporate tax
By law or by force. Trump isn't evil, he's just very simple. He only has transactional understandings. And those, solely within the context of himself. This puts him counter to both national and individual interests. He is a clear and present danger. He needs to be removed. By law or by force.
How to remove by law in this current environment? I'm from EU so unsure how this works in US but it seems the other branches of govt there aren't holding him accountable, and if this is true how can they?
Exactly. The flaws in the model are being fully exploited. There is an exepectation of morality, of goodness, infused into the law. And yet, America is not good or moral. America is for profit. So essentially, you can exploit profit, and work fully around the stated intent. The exploit is smart.
It's perfectly possible to be evil _and_ stupid. With conservatives that's usually the case: according to research they're statistically more likely to have worse cognitive skills and more likely to have Dark Triad personality traits (psychopathy, narcissism, Machiavellianism)
I don't disagree. I just don't think that the categorization is a necessary one, for us to understand and embrace the need for urgent action. Also the broad categorization serves to otherize some folks that we may actually need on our side. Intellectual capabilities notwithstanding.
This isn't really a question of necessity; it's just descriptive statistics.
Psychopathic personality traits (and everyday sadism, and empathy deficits) correlate with support for conservative political positions. This should raise some serious questions about conservative moral judgments. 1/
Pretending those correlations isn't there won't change anything, and simply means you will be more likely to make incorrect assumptions about peoples' actions and words.
This of course doesn't mean all conservatives are psychopaths (or vice versa!), and of course some won't like it that their 2/
I will say there should've been a revenue cutoff on that. Like $1 million. So many tiny businesses had to fill out that form, and I never got one thing from the government about it. I found out online.
Just a thought... Right Wing Conservatives are always planning and strategizing. Maybe Liberals should do the same and make it visible. Conservatives are the party of ME until it happens to them, then they move towards Liberals, the party of WE! Good slogan there! https://www.arcforum.com/arc-2025-info
Thanks for this news! Now, I'm even more relieved that I closed out my US Treasury investment (money is now back in my bank) last week! Withdrawal of my funds was a statement of opposition to the Trump admin's shady financial practices.
"Absolute disaster for Small Businesses"? I had to fill out 1 form. Took 5 minutes. The only small businesses objecting to this are criminal enterprises.
Comments
It'll be telling to see who endorses it.
You can't lead the free world if you don't have deep pockets.
I don't care if they government find creative ways to fund these projects because they save lives.
Take all of their money idc!
Want to raise minimum wage? But think of the small business owners (while corporations make record profits)
And now this utter bull shit. Under the guise of being for the “working man” 🙄
How do eliminate drug trafficking in our country if you eliminate this?
That’s the list.
What should Schumer&Jeffries be doing?Mitch McConnell fought vs. Dems and Obama presidency? A louder leadership in #House & #Senate would inspire us!!! #Dems #VoteDem! @politicsgirl.bsky.social
#FLElections #WI_Supreme @msnbc.com
It was so burdensome. Took me 15 whole minutes total for all 3.
trump says he wants to stop Fentanyl, but he stopped this rule that COULD have traced where the money goes.
I was being generous at saying 15 minutes, it's a couple of minutes per business.
Trump=Corruption (the likes that no one has ever seen before)
A person harmed by nonenforcement could sue, but you have to wait for a case that is more specific to the victim than a general fraud on the marker.
Basically Americans trust Presidents to mostly follower the law, creating an opening Trump exploits
Begin thine crime spree.
Rape, pillage, and rape some more,"
Shouts the Golden Putin whore.
But it sure sounds like we're gonna take a porkin' !
Sounds a lot like him greasing the wheels, so that his criminal pals are not held accountable, when they cheat !
Has he done just one positive thing for the American people, since returning to office ?
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Are they going to change the form or is that only for billionaires?
Do I type 'FO' ?
💙🇺🇸✌🏻
💙🇺🇸✌🏻
1- vile
2- bag of moldy dicks
3- soggy buttholes
https://www.fincen.gov/news/news-releases/fincen-fines-trump-taj-mahal-casino-resort-10-million-significant-and-long
For the folks who wanted cheaper eggs.... (crickets)
Coincidence?
https://nypost.com/2022/03/01/how-putin-became-worlds-richest-man-lies-affairs-greed/
#PrejudiceVoters
#OTHERVoters
#NONVoters
#PUNISHVoters
Just Look At What They've DONE!
#SEXOFFENDER
#CONVICT #Trump
and VENAL VEEP #JDVance
ARE BOTH THEIR FAULT!
They're ALL Now Learning The Hard Way!
And Making *Everyone Else's* Life Miserable!
AMERICA KNOWS!
🇺🇸 🗽
Your oppression is their profession
Hitlers playbook.
The senate voted 81-13.
The ICIJ found 2 Trillion in transactions that are possibly money laundering. 514 billion from JP Morgan
https://www.gtlaw.com/en/insights/2021/1/the-anti-money-laundering-act-2020-congress-sweeping-aml-legislation-since-passage-usa-patriot-act
But who's going to protect the tellers from overdoses from that drug riddled cash?
It’s so monotonously ridiculous.
With friends like this....
(I filed it for my biz to be on the safe side.)
And when this all goes wrong too, guess who they will blame?
USA largely aligned with Russia??!
How can this be
https://www.google.com/amp/s/www.bbc.co.uk/news/articles/cq5zgvdz2z0o.amp
https://www.bbc.com/news/articles/c2er34w0jgdo.amp
This isn't a detriment to any real small business, only to the wealthy that don't want you to know where there money goes.
AKA MONEY LAUNDERERS.
As an accountant for a couple of decades now, the sketchiest companies you'll ever see are those that have 5 or fewer employees, generally the owner and a few family members on payroll so they can reduce their corporate tax
We're in full swing
And none of us knows
What it will bring 😮💨
#resist
So weird.
Psychopathic personality traits (and everyday sadism, and empathy deficits) correlate with support for conservative political positions. This should raise some serious questions about conservative moral judgments. 1/
This of course doesn't mean all conservatives are psychopaths (or vice versa!), and of course some won't like it that their 2/
If anything, I think it's necessary to understand this so that we can actually figure out ways out of this mess.
3/3
https://www.arcforum.com/arc-2025-info
The people, on the other hand, will suffer from more white collar crime
#nevertrump #legionofcowards
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