Notes.
Solve money laundering problems by having the little guy report his data, taxpayer information? That according to the Feds.
That's what it is John. Real money launderers and real criminals like to use LLC. I'm going to tell my barber that he can go ahead and render an LLC because he could be involved in Financial crimes.
Also because you know, FINCEN, Financial Crimes Enforcement Network, it doesn't get to see the money moving in and out of your account yet FINCEN is going to police what, your data?
Universal Business Owners Act that went into place January 1st, 2024, where the 30, 40, 50 million plus small business owners have to, at least by January 1st, 2025, register their companies, their LLCs, your entire private data, your social security number you have to disclose. You have to willingly break the corporate veil, you have to disclose who the hell you are to FINCEN.
4:00. FINCEN is an acronym for Financial Crimes Enforcement Network and it works in conjunction with the Intertwoon this Revenue Service. FINCEN is involved with collecting information and I guess a policing economic activity but not so much like the IRS does. For example, if FINCEN detected something to do with the tax system, they would defer to the IRS. So FINCEN is kind of like the IRS. FINCEN is an agency of the Department of U.S. Treasury. What it has done lately well this started two years ago by the way. They started publishing proposed rulemaking in the Federal Register. So last year, I started a video series, I just did one video on this and I explained on
These people don't know how to play chess they can't think more than one move ahead they're not supposed to think more than one move ahead even if they're not malicious and they're being blackmailed or whatever to do what they're supposed to do I'm being generous here
8:00. Financial crimes network is collecting beneficial owner information that's the same identical point for Point item for item information that is known as taxpayer return information or taxpayer information that's explained in Title 26, that's the tax code of the United States code and I'll give you the section 6103 and 6103 says hey where are the IRS and we collect consumer data that data includes name address SSN date of birth identifying information for tax purposes we collect that information and if anybody wants it he has to ask for that information and he has to qualify to get that information through the Secretary of the Treasury and there's only two conditions generally one is your conducting a criminal investigation the other one is the administration of a tax. FINCEN doesn't do that. Not necessarily okay but there would be a criminal investigation so why doesn't fincen go to the IRS and get your taxpayer information?
9:08. 100%.
9:20. They're just bullying people around and that's why I'm saying guys don't do it make them go through the process up there going to to say hey where is your report they're not going to do that anyways what what are they going to do look at every Secretary of State LLC filing and follow up with every person every individual what are they going to do?
