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The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer?.

Solutions for The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.

Here you can find the meaning of The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The US Treasury Department recently announced that it would start demanding details of the shell companies that rich foreigners use to buy real estate in Manhattan and Miami-Dade County. This is a good step that should help law enforcement agencies crack down on money laundering, tax evasion and other crimes. The program should be broadened to cover the whole country, and must be forcefully carried out.In recent years, there have been certain sections of people that have stashed billions of dollars of wealth in the United States by buying property and other costly assets. These purchases are generally made through limited liability corporations that are not required to disclose their wealthy owners or beneficiaries. While limited liability corporations have many legitimate purposes, there is no justification for allowing owners to shield their identities even from law enforcement and regulators. The secrecy is so complete that law enforcement officials say they are often unable to identify the true owners. All efforts by lawmakers have been thwarted by lobbying from the financial and real estate industries and state governments.The department currently requires mortgage lenders to know the identities of the true owners of shell companies in transactions that involve loans. Under the new policy, the departments Financial Crimes Enforcement Network will require details of limited liability companies that buy properties without loans. However, the order applies only to Manhattan and Miami-Dade County, and will be effective for only 180 days, starting in March.The department should also adopt pending regulations that would require financial firms to know who owns the limited liability companies whose accounts they manage. It is absurd that regulators would not require such basic transparency as a matter of course. The current system practically lays out the welcome mat for some foreigners hiding assets from their governments, making United States one of the worlds biggest tax havens.Supporters of the current system may argue that requiring more transparency would burden financial institutions without ending money laundering and tax evasion, since determined criminals will find ways to thwart the law. But that doesnt justify doing nothing about this hole in financial regulations.Q.What is the primary purpose of the author?A. To emphasize the importance of identity disclosure in business transactionsB. To educate us on the ill effects of money laundering and tax evasionC. To highlight the efforts being taken by the US government to control money launderingD. To show why the US is the biggest tax havena)Both A Bb)Both A Cc)Both C Dd)A, C, DCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CAT tests.