Items Tagged with 'FinCEN'

ARTICLES

  • Senate Democrats call for federal investigation into money laundering in luxury real estate

    Sens. Van Hollen and Whitehouse ask GAO to look into all-cash market
    The Treasury Department’s Financial Crimes Enforcement Network has been looking into whether foreign buyers are using shell companies to buy luxury U.S. real estate in order to launder money for almost three years, but two Democratic senators want the government to do more to figure out how much criminal activity is prevalent in these deals.
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  • From HW Magazine

    Weed Wager: How banks are finding an opening to serve marijuana businesses

    With recent changes, banks are now working with more marijuana-related businesses than ever before
    [Subscribers Only] With recent changes, banks are finding an opening to serve lucrative marijuana businesses. Nationally, 29 states have now legalized marijuana in some form, either recreationally, medicinally, or both, generating billions of dollars in sales. These billions of dollars mean there is much that banks could make from this booming industry, but federal laws and guidance have made things complicated for financial institutions who want in.
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  • Feds target luxury real estate wire transfers in money laundering investigation

    Nearly one-third of cash sales tied to "illicit activity"
    The federal government's recent investigation found that potentially illicit activity is behind more than 30% of cash purchases from foreign buyers in select U.S. property markets. FinCEN will now target what some are calling a “gaping loophole” in its initial investigation – wire transfers.
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  • U.S. to continue investigating money laundering by foreign real estate buyers

    Title companies required to reveal identities of high-end cash buyers
    The federal government will continue investigating whether foreign buyers are using high-end U.S. real estate to launder money after an expanded investigation found that potentially illicit activity is behind as many as one in three cash purchases from foreign buyers in select markets.
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  • U.S. expands investigation into money laundering by foreign cash buyers

    Government finds evidence of suspicious activities in high-end real estate
    The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a "significant" portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas.
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  • From HW Magazine

    Wasted opportunity

    Banks are forced to sit on the sidelines of profitable new cannabis industry
    The legal marijuana business is booming -- worth $1.53 billion in 2013 alone, and predicted to grow to as much as $10 billion in the next five years. New market growth should mean growth for banks and even mortgages, right? Not in this case.
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