In a 52-page advanced notice of proposed rulemaking, or ANPRM, on Monday, the U.S. financial intelligence unit called on financial institutions and other parties to weigh in on how best to regulate the real estate sector for anti-money laundering purposes on a permanent basis. Foreign corrupt officials, sanctions evaders and other financial criminals have invested at least $2.3 billion into U.S. residential and commercial properties in the past five years, according to an estimate by Global Financial Integrity that Treasury's Financial Crimes Enforcement Network, or FinCEN, cited in the ANPRM. The ANPRM, which aims to staunch the flow of illicit...
U.S. lawmakers and officials disclosed plans to prevent kleptocrats from embezzling and moving funds globally in the coming months, including through strong implementation and enforcement of a new federal requirement for legal entities to identify their true owners.
The Financial Crimes Enforcement Network issued an Advance Notice of Proposed Rulemaking seeking public comments on a potential rule that would enhance the transparency of all-cash real estate transactions in the domestic market.
The White House published the United States Strategy on Countering Corruption to present the government's approach to fighting corruption, including specific measures for preventing corrupt actors from using the U.S. financial system to launder proceeds from their corrupt acts.