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

Re:US passes anti-corruption law that effectively bans anony... by jjeaff on Saturday January 02, 2021 @06:44PM (#25617799)

This law isn't just for money launderers, it's for people hiding assets. For example, there are many criminals and despots that steal huge sums of money and then form shell companies in the US and buy real estate or other assets.

If the beneficial owner is falsified, then if that property comes under investigation, they stand to lose it. There are currently multiple $50m+ homes in places like BelAir or Beverly Hills that are owned by anonymous shell companies and they sit vacant year round. Some, after much investigation were found to be owned by foreign politicians. I suspect a large percentage of these properties are also from ill gotten gains.

[ Parent | on HN ]

Re:US passes anti-corruption law that effectively bans anony... by nullc on Saturday January 02, 2021 @08:31PM (#25618489)

> they stand to lose it.

If the source of the funds was unlawful, they'd lose it anyways.

[ Parent | on HN ]

Re:US passes anti-corruption law that effectively bans anony... by jounker on Sunday January 03, 2021 @01:44AM (#25620050)

And as a guess, under the new law, if they have a fake owner, then the government can take the property because a documented crime has been committed, as opposed to hitting a brick wall when it encounters the shell company.

[ Parent | on HN ]