The chairman of the House Ways and Means Committee, Representative Bill Archer, introduced a bill in Congress yesterday that would prohibit such tax-free transactions.
It prohibits financial transactions with these groups.
IRS regulations prohibit transactions that are an improper use of the value in the account or annuity by the account owner, the account owner's beneficiary, or any other disqualified person.
In fact, IRA Law doesn't permit any given investment, instead it only prohibits specific "self-dealing" investments and transactions.
The fine print of all major frequent flier membership agreements includes a clause that prohibits such transactions.
The new laws should mandate the identification of all account owners, prohibit transactions with "shell banks" that have no physical premises and require closer monitoring of accounts coming from countries with lax banking laws.
August 18 - Obama calls for President of Syria Bashar al-Assad to step down and issues an executive order prohibiting certain financial transactions with Syria.
Executive Order 12947, issued by President Bill Clinton on January 23, 1995, prohibits financial transactions with any SDT.
This framework decision prohibits commercial transactions associated with organs and tissues of human origin and also clearly defines the offences so that trafficking in human organs can be punished.
It took considerable legal agility to leap the hurdles presented by Japan's stringent commercial code that many had viewed as prohibiting such transactions.
