Until recently you could start up a company or open a bank account in most countries around the world without providing any information on beneficial ownership and factual control. This frustrated forensic investigations substantially.
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 several other areas.
The U.S. Treasury on Wednesday expanded its hunt for international criminals who launder money through real-estate deals by ordering title insurance companies to report all-cash buyers' identities in parts of California and Texas, as well as greater swaths of New York and Florida.
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced Geographic Targeting Orders (GTO) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas.
Digital currencies such as bitcoin do not fit classic definitions of 'money' and are therefore difficult to regulate with existing laws. It's one of a number of new technology innovations that regulators are struggling to fit into traditional laws.
The Reserve Bank of India (RBI) has imposed a combined Rs 27-crore penalty on 13 public and private sector banks — including Canara Bank, IndusInd Bank and RBL Bank — for violating Know Your Customer (KYC) and anti-money laundering (AML) norms.
Miami-Dade Circuit Judge Teresa Pooler has dismissed a money-laundering case involving an alleged “illegal sale” of bitcoins, after declaring that under the laws of the state, the digital currency is not considered to be a form of money.
Russia has served notice to Thailand and the United States to expect another all-out diplomatic and legal fight over the expected attempt to extradite a man arrested in Pattaya for alleged ties to a billion-baht...