{"id":1096750,"date":"2021-12-07T23:14:12","date_gmt":"2021-12-08T04:14:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1096750"},"modified":"2021-12-07T23:14:14","modified_gmt":"2021-12-08T04:14:14","slug":"treasury-department-cracks-down-on-shell-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-department-cracks-down-on-shell-companies\/","title":{"rendered":"Treasury Department Cracks Down On Shell Companies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftreasury-department-cracks-down-on-shell-companies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1096750&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Treasury Department is implementing harsher reporting requirements for shell companies.<\/p>\n<p>\u201cThe rule will help close the loopholes that undermine US national security, bolster economic fairness and protect the integrity of our financial system,\u201d said Treasury Secretary Janet Yellen.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/article\/usa-treasury-corruption-idUSKBN2IM202\">Reuters<\/a> explained:<\/p>\n<p>A new rule would implement reporting provisions under the Anti-Money Laundering Act of 2020, aimed at expanding data on who actually owns or controls a company and closing loopholes in existing US law.<\/p>\n<p>The proposed rule would require affected companies to report their identity to the Financial Crimes Enforcement Network (FinCEN), as well as the name, birth date, address and a unique identifying number for each of its owners.<\/p>\n<p>FinCEN said the proposed rule reflected the Biden administration\u2019s push to crack down on shell companies used to launder the proceeds from corruption, drug and arms trafficking or terrorist financing.<\/p>\n<p>A Treasury official told Reuters that recent laundering activity through shell companies includes a Russian arms dealer selling weapons to a terrorist group and a Venezuelan treasurer receiving over $1 billion in bribes. The official added that White House officials will highlight their regulatory efforts at the upcoming \u201cSummit for Democracy,\u201d which has <a href=\"https:\/\/www.dailywire.com\/news\/bidens-summit-for-democracy-sparks-questions-over-invite-list\">provoked<\/a> controversy over the attendance \u2014 and absence \u2014 of certain nations.<\/p>\n<p>Pakistan, for instance, will be invited, although the State Department noted in 2020 that the country witnesses \u201cunlawful or arbitrary killings by the government or its agents, including extrajudicial killings; forced disappearance by the government or its agents; torture and cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents.\u201d&nbsp;<\/p>\n<p>Among Eastern European nations, Poland was invited while Hungary and Turkey were not \u2014 a decision that the Hungarian Embassy in Washington called \u201cdisrespectful.\u201d<\/p>\n<p>\u201cHungarian-American relations were at their peak during the Trump presidency, and it is clear from the list of the invited countries that the summit will be a domestic political event,\u201d the embassy said in a statement. \u201cTherefore countries that were on friendly terms with the previous administration were not invited.\u201d<\/p>\n<p>Other landmark moves by Yellen during her first year in office <a href=\"https:\/\/www.dailywire.com\/news\/treasury-department-appoints-first-counselor-for-racial-equity\">include<\/a> the nomination of the Treasury Department\u2019s first \u201cCounselor for Racial Equity.\u201d Appointee Janis Bowdler will \u201cbe charged with coordinating Treasury\u2019s efforts to advance racial equity including engaging with diverse communities throughout the country and to identify and mitigate barriers to accessing benefits and opportunities with the Department.\u201d<\/p>\n<p>\u201cThe American economy has historically not worked fairly for communities of color,\u201d explained Yellen. \u201cThe pandemic threw a spotlight on this inequity; people of color were often the first to lose their jobs and businesses. Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19.\u201d<\/p>\n<p>\u201cI could not be more humbled by the historic opportunity to serve as the U.S. Department of the Treasury\u2019s first Counselor for Racial Equity,\u201d said Bowdler. \u201cI have spent my entire career working in solidarity with Black, Latinx, AAPI, Native communities, and other communities of color to dismantle the structural and institutional racism that perpetuates the racial wealth divide.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury Department is implementing harsher reporting requirements for shell companies.\u201cThe rule will help close the loopholes that undermine US national security, bolster economic fairness and protect the integrity of our financial system,\u201d said Treasury Secretary Janet Yellen.Reuters explained:A new rule would implement reporting provisions under the Anti-Money Laundering Act of 2020, aimed at expanding data on who actually owns or controls a company and closing loopholes in existing US law.The proposed rule would require affected companies to report their identity to the Financial Crimes Enforcement Network (FinCEN), as well as the name, birth date, address and a unique identifying number for each of its owners.FinCEN said the proposed rule reflected the Biden administration\u2019s push to crack down on shell companies used to launder the proceeds from corruption, drug and arms trafficking or terrorist financing.A Treasury official told Reuters that recent laundering activity through shell companies includes a Russian arms dealer selling weapons to a terrorist group and a Venezuelan treasurer receiving over $1 billion in bribes. The official added that White House officials will highlight their regulatory efforts at the upcoming \u201cSummit for Democracy,\u201d which has provoked controversy over the attendance \u2014 and absence \u2014 of certain nations.Pakistan, for instance, will be invited, although the State Department noted in 2020 that the country witnesses \u201cunlawful or arbitrary killings by the government or its agents, including extrajudicial killings; forced disappearance by the government or its agents; torture and cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents.\u201d\u00a0Among Eastern European nations, Poland was invited while Hungary and Turkey were not \u2014 a decision that the Hungarian Embassy in Washington called \u201cdisrespectful.\u201d\u201cHungarian-American relations were at their peak during the Trump presidency, and it is clear from the list of the invited countries that the summit will be a domestic political event,\u201d the embassy said in a statement. \u201cTherefore countries that were on friendly terms with the previous administration were not invited.\u201dOther landmark moves by Yellen during her first year in office include the nomination of the Treasury Department\u2019s first \u201cCounselor for Racial Equity.\u201d Appointee Janis Bowdler will \u201cbe charged with coordinating Treasury\u2019s efforts to advance racial equity including engaging with diverse communities throughout the country and to identify and mitigate barriers to accessing benefits and opportunities with the Department.\u201d\u201cThe American economy has historically not worked fairly for communities of color,\u201d explained Yellen. \u201cThe pandemic threw a spotlight on this inequity; people of color were often the first to lose their jobs and businesses. Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19.\u201d\u201cI could not be more humbled by the historic opportunity to serve as the U.S. Department of the Treasury\u2019s first Counselor for Racial Equity,\u201d said Bowdler. \u201cI have spent my entire career working in solidarity with Black, Latinx, AAPI, Native communities, and other communities of color to dismantle the structural and institutional racism that perpetuates the racial wealth divide.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":1896129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1096750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1096750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1096750"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1096750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896129"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1096750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1096750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1096750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}