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- Hacker News
- I recall many small business owners panicking when this requirement seemed to sneak up on them.
Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?
by evanjrowley - Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).by rglover
- I think the genesis was the Panama papers release way back. Turns out the US is one of the better places to launder money through.
I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.
by erentz - I could perhaps understand ending the reporting rule, but deleting all existing records? That's very suspicious.by RevEng
- Govt should not have information unless there is a very specific and "in the law" reason for govt to have that information.
If there's no reporting rule, there's no reason for govt to have that information.
by anamax