Let's hear it for @SecYellen! 👏👏👏
"Corruption…is a form of financial alchemy…transformation of power into illicit money or illicit money into power…bad actors usually need an intermediary: a shell company, real estate transaction, art purchase."
➡️ home.treasury.gov/news/press-rel…
"Corruption…is a form of financial alchemy…transformation of power into illicit money or illicit money into power…bad actors usually need an intermediary: a shell company, real estate transaction, art purchase."
➡️ home.treasury.gov/news/press-rel…
"For this reason, combatting corruption is not just the work of the justice ministries…It is also the work of finance ministries…And we believe that our finance ministry, in particular—@USTreasury—must play a leading role."
"There’s a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States."
As @JStein_WaPo correctly clarifies, @SecYellen does NOT mean this as an invitation.
As @JStein_WaPo correctly clarifies, @SecYellen does NOT mean this as an invitation.
https://twitter.com/JStein_WaPo/status/1469001811692507149?s=20
And now that Treasury has worked hard to roll out 188 pages of solid beneficial ownership regs…
…I'm totally here for @SecYellen blaming lax state laws on Andrew Jackson. 👍
Cc @cjcmichel, chronicler of American kleptocracy
https://twitter.com/JoshRudes/status/1468374278831759363?s=20
…I'm totally here for @SecYellen blaming lax state laws on Andrew Jackson. 👍
Cc @cjcmichel, chronicler of American kleptocracy
I'm also here for her prominent mention of "art purchases."
One of the only reforms I've recommended (left image) that Treasury didn't commit to this week is to reach six conclusions (right image) in its mandated art market study—due by Dec 27—and initiate a rulemaking process.
One of the only reforms I've recommended (left image) that Treasury didn't commit to this week is to reach six conclusions (right image) in its mandated art market study—due by Dec 27—and initiate a rulemaking process.
But the most important line in Yellen's speech is easy to miss: "A lawyer can sign the paperwork" (left image).
It suggests @USTreasury may really be open to the idea of extending anti-money launder rules to cover real estate lawyers, which I've been recommending (right image).
It suggests @USTreasury may really be open to the idea of extending anti-money launder rules to cover real estate lawyers, which I've been recommending (right image).
It's far from certain that @USTreasury will take on and win that fight against @ABAesq and @nardotrealtor. It'd be much easier to limit the new rule to @ALTAonline. But the fact that @SecYellen is talking trash about real estate lawyers gives me hope! 👍💪
https://twitter.com/JoshRudes/status/1467879475031465985?s=20
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