Correct. I have seen arguments for such databases, and might support it in limited cases (e.g. for public officials). But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns.
Let's say if I walked to the secretary of state in Wyoming and paid them cash to form a new entity, where is the Treasury report supposed to be done? Is there a notification somewhere?
Does the Federal Government even have a way of knowing when a new entity is created in all of the incorporated states and other semi-autonomous regions? Not all the states have free public databases.
Is this bill going to sanction the states until they give information automatically about newly formed and existing entities?
Does this apply to indigenous protectorates? Navajo nation has incorporation statutes, and literally any of other the 560+ tribes could as well.
Out of curiosity, could you explain why? What would be the risks if this information were publicly available?
It's the same reason why i would want my medical data to be private, but available to relevant gov't agencies for public health reasons.
I agree. Not only similar, but exactly the same.
Only I'm Swedish.
Okay I misread that in the law review documents. So anyone acting on behalf of the beneficial owner is not reported, but the beneficial owner still is.
This is in line with some other countries that are vying for respect by reforming.
I don't mind it being on-file privately with the government, and this bill doesn't change anything with publicly perusable databases, nor create a new one.