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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INSIGHT: US’s FinCEN signals real estate is next in line for money laundering crackdown
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ADVICE: "Small business owners doing their best to comply with the law should not lose sleep over these new reporting requirements,” FinCEN director Andrea Gacki told a community outreach event in Tucson, Arizona.