The disclosure that a prominent Fox News commentator, a close friend and adviser of the President of the United States, Donald Trump, employed shell companies to hide his ownership of millions of dollars of real estate investments, including one major project where the loan to purchase it was insured by HUD, again reminds is that beneficial ownership laws, regarding corporate ownership, are still not the law in America. Every time a proposed bill to require total and complete transparency, regarding who owns a corporation, it never makes it into law. Don't you wonder why the Republican-controlled Congress allows that to occur ? Some types of investors want to operate in the dark.
If America does not adopt an effective law on corporate transparency, we will continue to see foreign criminal elements, corrupt Politically Exposed Persons (PEPs) from abroad, frontmen for organized crime, and various and sundry other groups wth dirty money to invest, buying a part of this country. Unless bank compliance officers, lending oficers, and law enforcement agencies, know who owns a corporation that owns investment property, the abuses will continue.
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