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AlphabetPam
@alphabetpam.bsky.social
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Trump Just Made It Easier to Hide💰in Real Estate nymag.com/intelligence... The demise of the FinCEN database is just 1 small & particularly impulsive example of Musk’s project of demolishing the federal govt.

“That was essentially gutting the Corporate Transparency Act by fiat,” said Ian Gary
For the past five years, in its slow and grinding way, the federal government labored to bring some sunlight into the shadowy realm of corporate secrecy. A law passed at the end of Donald Trump’s first term, with the support of his Treasury Department and both parties in Congress, imposing new disclosure requirements on the shell companies that are often used to protect financial transactions, like property sales, behind a shield of anonymity. Republicans saw the measure, which was supported by law-enforcement agencies, as a way to crack down on the flow of financing for terrorist organizations and drug gangs; Democrats liked the idea of curtailing the ability of the global superrich to hide their wealth. The law directed limited-liability companies, trusts, and other private legal entities to identify their true owners to the Financial Crimes Enforcement Network (FinCEN), a federal agency that polices money laundering and other illegal business activity. FinCEN began the yearslong process of setting up a database of who owns what, and last year it started to collect documentation from an estimated 32 million corporate entities covered under the law. It set a final deadline for compliance: March 21, 2025. Then it all came undone with one tweet from Elon Musk.
April 5, 2025 at 5:59 AM