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#2073438 - 04/11/16 07:07 PM Re: Panama Papers Princess Romeo
rlcarey Offline
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FinCEN and the US Government should get with the program. Part of Cameron's speech to Parliament today:

He said most of Britain's overseas territories, including the British Virgin Islands and Cayman Islands, and Crown Dependencies, like Jersey, would now provide British law enforcement and tax agencies full access to information on beneficial ownership of companies to offer greater transparency.
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#2073444 - 04/11/16 07:20 PM Re: Panama Papers Princess Romeo
edAudit Offline
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since his late father is listed he may not be the appropriate person to throw stones.
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#2073446 - 04/11/16 07:25 PM Re: Panama Papers Princess Romeo
Lilly C Offline
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Why can't we get it together like the other countries can. That's what I don't get. I know American value their privacy but we seem to have issues making a decision.

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#2073448 - 04/11/16 07:34 PM Re: Panama Papers edAudit
rlcarey Offline
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Originally Posted By edAudit
since his late father is listed he may not be the appropriate person to throw stones.


Like I said before. Not all transactions in the Panama Papers were illegal or involved the laundering of money. Let's remember our American principles - innocent until proven guilty.
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#2073475 - 04/11/16 08:47 PM Re: Panama Papers Princess Romeo
edAudit Offline
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While it may not be illegal it certainly is not transparent
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#2073496 - 04/11/16 09:42 PM Re: Panama Papers Princess Romeo
John Burnett Offline
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One reason we "can't get it together" is our rather unique federal system that reserves to the states those things the Constitution doesn't give the central government to control. The states control property ownership and the formation of corporations -- "creatures of the state." The federal government can't start imposing a whole bunch of restrictions and requirements on the states' control of corporations, LLCs, etc., without stirring up a constitutional crisis over states' rights. And that's one, IMHO, that a full SCOTUS would rule on in favor of the states. So Congress has to "man up" and find another way to get this done.

As Ken has suggested more than once, Congress could mandate that the IRS require the filing of beneficial ownership information with every annual corporate tax return (or the equivalent), and direct that the IRS make that ownership info available to law enforcement, and take the banks out of the middle on this fiasco.
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#2073526 - 04/12/16 12:06 PM Re: Panama Papers John Burnett
Elwood P. Dowd Offline
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The White House budgets for 2015, 2016, & 2017 contained a provision under which the IRS would require an EIN for all entities, foreign and domestic, and mandate the disclosure of a beneficial owner on the SS-4. Law enforcement would have access to that information. My understanding is that Senator Levin, now retired, proposed such a bill.

There is a way around the states' intransigence. However, as is the case with many other things, we lack the political will to do it.
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#2073528 - 04/12/16 12:38 PM Re: Panama Papers Princess Romeo
edAudit Offline
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It is also more lucrative to have the banks do this unattainable task.
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#2073529 - 04/12/16 12:41 PM Re: Panama Papers Princess Romeo
edAudit Offline
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edAudit
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2 years ago

White House Blog
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#2073530 - 04/12/16 12:42 PM Re: Panama Papers Princess Romeo
edAudit Offline
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#2073763 - 04/13/16 01:11 PM Re: Panama Papers edAudit
Elwood P. Dowd Offline
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Thank you for the link to the White House Blog. I had to dig it out from the budget itself, the original Augean Stables.
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