Roughly 1.21 million residential real estate sales were likely processed without any money laundering reporting. FinCEN wants to put a dent in that figure, and has named Boston as a region of concern.
The U.S. Treasury Department, as part of its efforts to combat corruption and terrorism, proposed a new rule Tuesday that requires companies to identify who owns and controls them, rather than the names of the people who formed the company.
In a move that the Financial Crimes Enforcement Network said would help combat money laundering in real estate, the federal agency plans to expand the Bank Secrecy Act to require information about the individuals behind all-cash real estate transactions.
A Lynn man pleaded guilty Thursday in federal court in Boston in connection with receiving and laundering approximately $1.4 million fraudulently obtained from a Korean company.
Up until very recently, it looked like the first recreational marijuana dispensary in Massachusetts would open without a financial institution to bank it.