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INSIGHT: US’s FinCEN signals real estate is next in line for money laundering crackdown

REAL ESTATE: “Money launderers are exploiting the US housing market and buying homes anonymously to wash their illicitly gained funds,” FinCEN director Andrea Gacki said

By PAUL O’DONOGHUE, Senior Correspondent FinCEN, the financial crimes unit of the US Treasury has indicated it will soon move against money laundering in commercial real estate. In February FinCEN, the Financial Crimes Enforcement Network, published new reporting requirements for certain all-cash US residential real estate transactions. The rules apply to sales where a house…

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