New Money Laundering Rules Make Agents Report Cash Home Sales
The Treasury Department has issued regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate.
CRE Firms Face New Reporting Requirements Under Far-Reaching Federal Law
Real estate investors and developers who use LLCs or LPs to manage ownership of a project should take note. A new anti-money laundering law comes with new rules for telling federal officials who controls these entities.
Feds Roll Out Money Laundering Rules for All-Cash Home Sales
All-cash purchases of residential real estate are considered at high risk for money laundering. The rule would not require the reporting of sales to individuals.
Guilty Plea in Drug Money Laundering that Hit Mass. Banks
Prosecutors have announced a guilty plea in a case that saw $1 million in drug money laundered through banks in Massachusetts and elsewhere in the United States.
Business Owner Charged With Using Mass., RI Banks for Fraud Scheme
A Rhode Island man was arrested and charged in Boston federal court yesterday for an alleged laundering scheme that involved about 80 business bank accounts at Massachusetts and Rhode Island banks.
Feds Say Mass. Banks Used to Launder Colombian Drug Money
More than $6 million in drug trafficking proceeds were laundered through banks in Massachusetts and elsewhere, according to allegations laid out by Boston U.S. Attorney Rachel Rollins’ office.
Green Sometimes Raises Red Flags When It’s Cash
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.
FinCEN Proposal Would Crack Down on Anonymous All-Cash Deals
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.
The Fight to End Money Laundering Comes to America
Nowhere is this criminal enterprise more prominent than in real estate, both residential and commercial. And a new report says America has become a “safe haven” for this kind of money laundering.
Banker & Tradesman’s Editorial Cartoon: Got a Plan for That?
Who do you call when you realize you need to rein in money-laundering megabanks?
Warren Calls for Regulation in Wake of Megabank Money-Laundering Scandal
Massachusetts’ senior senator is calling for greater regulation of banks in the wake of new revelations that megabanks have continued to profit from money laundering and other illicit dealings despite warnings from regulators.
Lynn Man Sentenced in $1.4M Bank Fraud Scheme
A Lynn man was sentenced to more than four years in prison for a bank fraud and money laundering scheme that netted $1.4 million from a Korean company.
Lynn Man Pleads Guilty to Role in $1.4M Bank Fraud
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.
Hingham Man Sentenced in Phishing Real Estate Scheme
A Hingham man was sentenced in Boston federal court Tuesday in connection with an international money laundering and real estate scheme.
Convicted Hingham Money Launderer Indicted for Fraud Scheme
A Hingham man who was convicted earlier this year of money laundering has been indicted by a federal grand jury on new charges of wire fraud, unlawful monetary transactions and money laundering conspiracy.
Dominican National Sentenced for Laundering Fraudulently Obtained IRS Refund Checks
A Dominican national was sentenced yesterday in federal court in Boston for laundering close to $1 million in fraudulently obtained IRS refund checks using 11 different bank accounts at five different banks.
Convicted Hingham Money Launderer Charged in New Conspiracy
A Hingham man who was convicted earlier this year of money laundering now faces new charges of money laundering conspiracy.
Dominican National Convicted of Money Laundering
A Dominican national was convicted earlier this week by a federal jury in Boston of laundering close to $1 million in fraudulently obtained IRS refund checks using 11 different bank accounts at five different banks.
Easthampton Attorney Arrested and Charged With Financial Fraud
An Easthampton attorney was recently arrested and appeared in federal court in Springfield earlier this week to face charges for various financial fraud offenses and lying to federal agents.
Lynn Man Indicted For Money Laundering and Visa Fraud
A Lynn man was arrested and charged earlier this week in federal court in Boston in connection with money laundering and visa fraud.
