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THE U.S. JUST BANNED ANONYMOUS SHELL COMPANIES

Pardon the all-caps, but the Senate's veto override today means that the U.S. A) just eliminated the primary building block in America's transformation into an offshore haven, and B) passed the most sweeping counter-kleptocracy reforms in decades—potentially ever.

Incredible news, and an incredible way to start 2021. What a moment.


Huge boost to American credibility in the fight against modern kleptocracy. Huge blow to those who'd turned to the U.S. time and again for their laundering needs, and those U.S. states that had transformed into money laundering havens of their own.

Just phenomenal news.

Again, this is a massive testament to all those who exposed the rot these anonymous shell companies led to, especially the journalists who exposed the laundering networks and civil society activists pressuring legislators to make this change (when it seemed next to impossible).
It is a FACT that GOI accepts that there are faults worthy of amendments. This leads is to an entire new discussion that govt still isn’t willing to believe that there are implementation faults & not just faults in the clauses.


The eyewash that the proposal is aimed to put better clauses in place. A very nice example is contract farming column itself. GOI proposal suggests that ‘PAN card registration will continue but state govt can register the trader if it WANTS to- literally shifting onus to state.

Another example is that onus is shifted on farmer himself to go to the higher court with his expenses. The trader can choose to go to SDM at primary level. Both the options are kept open. This amendment proposal is literally a joke.

Regarding the MSP, govt proposal nowhere cites that it will be assured at C2+50 formula. It is indicated that a written assurance will be given. This is very ambiguous for govt with legal battery of dozens. And disappointing too.

There are concerns on payment systems that haven’t been addressed in the proposal and have been kept as ‘as per understanding between trader and farmer’. This is ambiguous again. Why isn’t DBT assured at govt agency procurement?