trxrider500 t1_j055vot wrote
Reply to comment by cpr4life8 in Sen. Pat Toomey blocks landmark reform legislation to fight global money laundering by cpr4life8
There’s a lot that can be put under the umbrella term of “money laundering” wouldn’t you want a hearing or two too get an idea of exactly what the law is meant to target?
Legit question, what’s wrong with one or two hearings to find out what this new law is supposed to cover that existing laws on the books already don’t?
PirinTablets13 t1_j057a6x wrote
If you read the text of the existing anti-money laundering regulations, you will see that this pretty clearly closes off a loophole that allows certain fiduciaries to circumvent the due diligence requirements that banks are subject to follow.
cpr4life8 OP t1_j056o2p wrote
"While there is no record of Senate sessions on the bill, advocates say the key issues over the roles of enablers, including financial advisors and others who set up trusts and other conduits to take in shadowy money, has been debated for decades.
The alarm over enablers — or go-betweens — in moving the money has led to “thousands of hours of congressional discussions,” said Nate Sibley, a research fellow with the Hudson Institute’s Kleptocracy Initiative.
He said the troubling concerns about people who help kleptocrats and others secretly plow their money into the US dates as far back as 9/11, but the most recent surge to pass reforms was triggered by explosive reporting in the Washington Post and the International Consortium of Investigative Journalists which showed how the U.S. has increasingly become one of the world’s foremost havens for dirty dollars."
It's been discussed.
Redlar t1_j07ny4a wrote
>the U.S. has increasingly become one of the world’s foremost havens for dirty dollars."
Looks like we're taking over for the UK
The UK made it so the rich (only non-citizens iirc) have to prove their assets have not been bought with ill-gotten gains.
They've had a laundered money problem for quite a while and had turned a blind eye because, of course, it was good for business
trxrider500 t1_j0576k0 wrote
”advocates say”
Yeah, I bet they do.
cpr4life8 OP t1_j057dm2 wrote
Well at least we know we can trust the party that tried to overthrow the fucking government. Jfc dude, get real. This is a real problem that has been a problem for decades and has been discussed for decades and there has been no action. And fuck head Toomey just shit all over it knowing that the GOP is taking control of the house.
ktappe t1_j05q7hh wrote
Maybe you could read the bill for yourself? Stop criticizing advocates without knowing what they actually are advocating for.
ktappe t1_j05q2m6 wrote
You’re assuming hearings are the only way to learn who the bill targets. Or maybe, hear me out on this, he could fucking read it for himself?
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