Federal cases against attorneys, accountants and other professionals suspected of washing illicit proceeds have risen by roughly 30 percent in the year since the FBI began actively targeting third-party facilitators, according to Jim Barnacle, head of the bureau's money laundering unit. Fueled by additional staff and resources, the unit during that time has successfully mapped out several professional money-laundering networks operating throughout the United States, learned more about how those networks interact with cash smugglers, and identified digital currencies and other platforms they now employ. The bureau has also relied on more frequent collaborations with financial institutions and the intelligence...
Four individuals and a medical supply firm in California face trial for allegedly structuring some $20 million of transactions over a 5-year period in efforts to avoid detection by financial institutions.
Several of the world's largest financial institutions have moved quickly to limit risks posed by their corporate clients in the six months since U.S. officials finalized a long-anticipated customer due diligence rule, while smaller lenders have treaded a rougher path towards implementation.
The real estate sector's vulnerabilities to money laundering and corruption extend beyond simple schemes to use illicit funds when purchasing property. In many cases, the third parties involved in such deals pose risks too.
U.S. officials on Wednesday ordered title insurance firms to disclose high-value cash purchases of real estate in California, Texas, Florida and New York as part of an effort to identify money laundering.
The U.S. Treasury Department on Wednesday directed title insurance firms involved in real estate transactions to collect data on the beneficial owners of companies acquiring luxury properties in Manhattan and Miami with cash.