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A comment on US passes anti-corruption law that effectively bans anonymous shell companies. Parent comment

Re:US passes anti-corruption law that effectively bans anony... by stephen_g on Saturday January 02, 2021 @09:35AM (#25613058)
None of what you said seems to follow from what is explained in the comments above or the article. From my reading, literally all the small business has to do to be “legitimate” is to accurately disclose the beneficial owners’ names, addresses and a Government issued ID (which I assume can be foreign for foreign owners as long as it can be verified).

There’s nothing about not being allowed to have an anonymous shell company that inflates the costs of legitimate business...

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Re:US passes anti-corruption law that effectively bans anony... by csomar on Saturday January 02, 2021 @03:27PM (#25616167)
> literally all the small business has to do to be

These are the most dangerous words ever. Especially that this requirement is probably ineffective. It is a small paperwork, yes, but it is there. A couple years later, it is reviewed and judged to be ineffective and new requirements are added to this paperwork.

Then we end up with hundreds of paperwork to fill and submit just to be able to run a business.

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