Saturday, January 2, 2021

US passes ‘historic’ anti-corruption law that effectively bans anonymous shell companies

 The new law prevents criminals from hiding money in US banks


"It's difficult to overstate the importance of today's legislation,” he told The Independent, describing it as “the most significant anti-money laundering move the US has taken in decades, and potentially ever.”

“Oligarchs and kleptocrats, gun-runners and cartel heads, wildlife poachers and human traffickers — anyone with a bit of dirty money burning holes in their pocket, really — can no longer turn to American shell companies for their money laundering needs,” he added

The Independent 

2 comments:

Peter Pan said...

https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

Andrew Anderson said...

I'm reminded that all money is dirty if hoarded beyond legitimated needs for liquidity, contingencies, etc. (cf. Matthew 25:14-30).

The solution then is negative interest on large and non-individual citizen accounts at the Central Bank with an individual citizen exemption up to a reasonable account balance.

Note that this implies that all citizens be allowed accounts at the Central Bank itself where they may be shielded from negative interest to a reasonable degree.