Re:US passes anti-corruption law that effectively bans anony...
by JumpCrisscross on Saturday January 02, 2021 @10:27AM
(#25613410)
> Isn't it easier (and more effective to the goal) to query the attorney of record, Articles of Organization filer, registered agent (etc from the Secretary of State), and have a more stringent eye on what they do
Formation documents and registered agents track legal ownership. An attorney may have a line to the beneficial owner. Or it may be to another attorney. Either way, that is protected by attorney-client privilege.
There is nobody logging beneficial ownership. The closest are banks, which started requiring beneficial ownership information only last year. Unbanked entities are dark.
Put another way, this bill is putting that “more stringent eye” on the system.
Formation documents and registered agents track legal ownership. An attorney may have a line to the beneficial owner. Or it may be to another attorney. Either way, that is protected by attorney-client privilege.
There is nobody logging beneficial ownership. The closest are banks, which started requiring beneficial ownership information only last year. Unbanked entities are dark.
Put another way, this bill is putting that “more stringent eye” on the system.