A large share of the estimated $300 billion of criminally derived profits that enters the U.S. each year moves through corporate accounts held by shell companies and onward into real estate, both of which are now the target of pending anti-money laundering rules and disclosure requirements. Ola Tucker, a former compliance officer at Commonwealth Trust Company in Delaware and author of "The Flow of Illicit Funds: A Case Study Approach to Anti-Money Laundering Compliance," recently discussed ongoing efforts to combat financial crime, including efforts to plow criminal cash into U.S. property and move large sums through cryptocurrency, with ACAMS moneylaundering.com...
The U.S. Treasury Department's Financial Crimes Enforcement Network received nearly 140 responses to a request the bureau made in December for input on possible strategies for permanently regulating the real estate sector for anti-money laundering purposes.
Seeking to counter the use of bitcoins and other digital tokens in ransomware payoffs and fraud schemes while also further combating their use in illicit finance, U.S. lawmakers want to legislate a broader regulatory framework around cryptocurrency and other online assets.
The U.S. financial intelligence unit is now accepting tips of possible anti-money laundering violations at banks, broker-dealers and other financial institutions under a recently expanded whistleblower program, sources said.