Last December, Rubio chaired a Senate Foreign Relations Subcommittee that focused on the ways anonymous shell corporations engage in illicit activity, including money laundering.
Specifically, the Corporate Transparency Act, according to Rubio:
- Generally requires basic information – name, address, date of birth, and a driver’s license number or other identification of the beneficial owner – be reported to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) upon the creation of a company, with some exceptions. It doesn’t require financial information, business details or proprietary information
- Ensures government authorities that can access the beneficial ownership information do so only for authorized purposes
- Minimizes reporting burdens for companies
- Provides for civil and criminal penalties for willful violations of the requirements under this law.
This is fantastic news for so many reasons. Money Laundering through shell companies also helps fund many illegal acts including trafficking, drugs, terrorists and worse. What this also does is remove these players from snapping up homes with their illegal funds in an already-tight market. Inventory is very low and this may help desperate home-buyers with more inventory.
This is a good thing…….