It is a good thing for privacy though, people use business entities like this for legitimate purposes to protect their privacy so the world does not know where they live, the car they drive, etc etc etc
The is the problem with "anti-corruption" efforts, is that always hurts people that have legitimate reasons or simply desire to live anonymous lives
I wish more people considered this. Lots of people keep pushing to get rid of cash, for example, because it will "reduce terrorism" or "reduce money laundering" or whatever. But I like using cash, because I don't want my bank, or an anti-money-laundering authority, or anyone else to know what I buy, when, why, how much, or from whom. It has nothing to do with illegal activity, or buying drugs, or whatever.
My parents and grandparents told me about the days before centralized documentation. A birth certificate was sufficient documentation, and of course those could be changed. One could lie about his birthday and not get caught. These days, no one is a person at all unless the government says he is, and even then, he is only the person the government says he is: I knew someone who was a transgender; she couldn't call herself a woman in many contexts until the government said so. This idea of constantly proving that you are who you claim to be, backed by government verification, strikes me as a bad direction to go.
I agree, but I feel that measures that are only available to the wealthy (like putting your finances behind an anonymous corporation) are making things worse. The powerful, who are in the best position to bring about change, are shielded from the consequences of the pervasive loss of privacy and so have little reason to do anything about it.
You don't need to be especially wealthy to own your home via a corporation. It's essentially a one time cost of a few hundred dollars plus a small annual registration fee.
Presumably this law still will be easily avoided by the sufficiently wealthy-- some kind of finance structure involving loans and whatever where a nominee is the legal beneficial owner. ... and outright criminals will just break it, because its not like violations of it will be detected quickly and if they are detected the criminals will already have worse problems.
Or just purchase a 'real' business that engages in some unrelated activity to own the property... Which is something just about every money launderer already does! It just has to be over the size threshold in this bill, essentially leaving this avenue open only to the wealthy.
The limits here speak to the exact opposite, it did not take a whole lot of money (a few hundred dollars) to create a fictitious entity to hold your home or other property so that is does not appear on public property tax records.
This was not a tool "only for the wealthy" and since the limits of the law are fairly low before the law no longer applies it is clear this law IS NOT targeting "the wealthy"
Modern US Society is losing alot of things that used to be a foundation. Privacy is one of them.
In general people today agree with the "if you have nothing to hide you have nothing to fear" rhetoric, generally accepting that "only bad people" want or desire privacy, and the government is only their to "protect good people from bad people"
It is all a lie ofcourse but that is where we are as a society, and I am not seeing anything on the horizon to change this
Largely we (the US) are moving to a more Authoritarian, collectivist society, leaving behind our Individualist libertarian roots
The is the problem with "anti-corruption" efforts, is that always hurts people that have legitimate reasons or simply desire to live anonymous lives