Zero Hedge
By Tyler Durden – January 2, 2024
Authored by Bob Bishop via AmericanThinker.com,
The 2021 National Defense Authorization Act created the Beneficial Ownership Information (BOI) reporting rule to ostensibly target money laundering.
Beginning January 1, 2024, the Act mandates U.S. companies, regardless of size, to register their beneficial and controlling owners with the Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN claims the corporate ownership database will be used exclusively to identify anonymous shell companies involved in money laundering and terrorist activities. Once again, like the Patriot Act, it grants surveillance powers violating the Constitution. There is no provision for judicial oversight to protect individual rights as if that ever mattered.