Anti-Financial Crime & Financial Crime Compliance
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AML, Financial Crime, North America

UNITED STATES: FinCEN promises renewed crackdown on real estate money laundering; warns of corrupt officials funnelling dirty cash in property loans


By Elizabeth Hearst for AMLi

THE WIDESPREAD use of property transactions to mask money laundering is to come under increased scrutiny in the US under measures just announced by the Biden administration.

In a statement Monday, the US Treasury department’s FInancial Crimes Enforcement Network (FinCEN) warned the real estate sector “continues to be used as a vehicle for money laundering”. The financial watchdog also says it is very concerned at how corrupt officials are using property deals to funnel dirty cash.

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