A federal judge in Texas has issued a nationwide injunction blocking the enforcement of an anti-money laundering law that requires corporate entities to disclose to the U.S. Treasury Department the identities of their real beneficial owners. www.reuters.com/legal/govern... - ThreadSky

nateraymond.bsky.social • 90 days ago

A federal judge in Texas has issued a nationwide injunction blocking the enforcement of an anti-money laundering law that requires corporate entities to disclose to the U.S. Treasury Department the identities of their real beneficial owners. https://www.reuters.com/legal/government/texas-judge-blocks-anti-money-laundering-laws-enforcement-nationwide-2024-12-04/#:~:text=Dec%204%20(Reuters)%20%2D%20A,of%20their%20real%20beneficial%20owners

Comments

theglobalvc.bsky.social•90 days ago

Wait, so I just did this for a startup for no reason? These regulations should be scaled for revenue or assets or something.

minerva1.bsky.social•90 days ago

As an investor and a consumer, I think all businesses should be honest about their source of funding.

theglobalvc.bsky.social•90 days ago

If you are an investor, you would perform due diligence when that information is made available. As a consumer, I have rarely cared how the business was originally funded. It's all bootstrapped for me. This information is typically found in the C-Corp filings anyways.

decius.bsky.social•90 days ago

Then ask for that information on the corporate tax return instead of requiring everyone to file a separate thing with a separate agency.

decius.bsky.social•90 days ago

At the very least, pass through entities should be exempted as clearly the IRS knows what the ownership of those entities is.

lisbethma.bsky.social•90 days ago

IKR? I have a teeny LLC and *just* got a note from my CPA that I needed to file info with FinCEN. I guess that's what this is about? Haven't logged in yet to see if there's a "oops you don't gotta do this any more" notification. LOL

theglobalvc.bsky.social•90 days ago

I closely read the "You don't need to do this if..." and my tiny C Corp still had to. It wasn't too onerous, but still.

lisbethma.bsky.social•89 days ago

According to my CPA I qualify, but this ruling makes me wonder if it's not required now. 🤔

misscantbewrong.bsky.social•90 days ago

There’s a lot of money in hiding money.

forfrodo.bsky.social•90 days ago

thoughtcriminal.bsky.social•89 days ago

The United States of Oligarchs.

chuckabear.bsky.social•90 days ago

Very normal, very functional legal system we’ve got here.

bluememe.bsky.social•90 days ago

*An* Obama pick, yes, but maybe not a *typical* one:

“Mazzant …was appointed to the bench by Democratic former President Barack Obama as part of a deal with Texas' two Republican senators on a group of judicial nominees in the state and is known for ruling in favor of conservative litigants.”

ottovonbisbark.bsky.social•89 days ago

This is correct.

drumtroll.bsky.social•88 days ago

@noahdahl.bsky.social some reporting confirming our suspicions about Judge Mazzant. ☝️

jgcocanada.bsky.social•89 days ago

That is appreciated context from reporter @nateraymond.bsky.social

ottovonbisbark.bsky.social•89 days ago

I used to babysit Mazzant’s kids. Good guy and not a RWNJ, but definitely not a liberal. Appointed as part of a deal w republicans

headdoc35.bsky.social•89 days ago

Elon is a TX resident.

wudang96.bsky.social•89 days ago

I was okay with the AML intent. Already filed mine. Waiting with the risk of daily penalties wasn't in my budget.

weareverysorry.bsky.social•89 days ago

Can Texas please just leave?

gpthacker.bsky.social•90 days ago

Our side needs to copy this strategy cause it works. File every fucking case in some friendly district in SF, Seattle or Brooklyn.

Instead we’ll continue to lose on the alter of comity, fake fealty to some illusionary rule of law, and cowardice.