real estate money laundering

Summit Anti-Corruption Commitments Must Include U.S. Domestic Anti-Money Laundering Reforms

The Financial Accountability and Corporate Transparency (FACT) Coalition today reiterated the need for substantive U.S. leadership on key anti-corruption and financial transparency reforms after the opening speech by President Biden last night. Among the Summit’s themes is the reaffirmation of still unfulfilled anti-corruption commitments from the previous Summit of the Americas in Lima, Peru. 

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The U.K. is Taking a Major Step to Curb Money Laundering Through Real Estate. To be Effective Against Russia, the U.S. Must Do the Same.

Last week, the UK Parliament passed long-promised reform to provide a window into the opaque British real estate market. This reform – desperately needed following countless exposés about financial abuses in the UK real estate sector, including recent revelations in light of Russia’s invasion of Ukraine – will have critical implications for deterring and investigating economic crime and sanctions evasion. As the U.S. works with other countries to pursue multilateral sanctions against Russia, it must follow the UK and expeditiously advance its own rules to improve transparency in the U.S. real estate sector. 

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FACT Welcomes Treasury Department Action to Counter Money Laundering through U.S. Real Estate

WASHINGTON, DC – In a comment letter submitted yesterday, the FACT Coalition welcomed action by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to bring the U.S. real estate sector under the purview of federal anti-money laundering safeguards. The FACT Coalition offered guidance on how FinCEN should craft a rulemaking that would introduce permanent, nationwide standards to address illicit financial risks in the sector.

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