By Douglas Gillison
The Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury, proposed new regulations on Tuesday that would require investment advisers to help prevent money laundering and the financing of terrorism.
The announcement comes a week after the agency proposed similar rules for the real estate sector, part of a wider effort to plug what officials say are holes in the regulatory system that can otherwise allow alleged criminals, corrupt foreign officials and sanctions-barred people and companies to access the US financial system.
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