What about hiding money in real estate? You don't need a bank account to hide money. This law does little more than clarify money laundering rules and regulations already in place.
Because they refer to buying real estate as a way to avoid this law, so forming a limited liability company wouldn't work.
Suppose jurisdiction X has a tax on real estate transfers and there's a lovely castle there, Castle Y which Person A owns.
Person A transfers the ownership of Castle Y to a holding corporation HoldCorp. There might be a tax for this, but there might well be some exemption, especially if Person A is willing to wait a while before...
Person A wants to sell Person B the castle. Instead they sell HoldCorp. The castle never changed ownership, and no tax is paid.
Later person C wants to buy the castle. They now buy HoldCorp from person B. The castle still didn't change owners and no tax is paid.
If jurisdiction X tweaks their law you might need to tweak your procedure slightly. Maybe Person A must stay as non-beneficial owner for 5 years after the sale, or maybe you must use a two lawyer shell corporation in Bermuda to properly insulate HoldCorp from the taxes. A lawyer will sort this out for far less than the taxes, all of which goes in their pocket and isn't used on government services for ghastly poor people.