By Peter Hardy, Laura Gavin and Nikki Hatza (August 29, 2022, 2:41 PM EDT) — The potential use of real estate to launder money is a global concern. Consistent with this concern, the Financial Action Task Force, a global money laundering and terrorist financing watchdog, recently updated its anti-money laundering guidance for the real estate sector.
In it, the FATF urges a variety of players in the real estate industry to adopt a risk-based approach to mitigate AML risks and provides high-level recommendations.
Notably, the FATF guidance coincides with recent efforts in the U.S. by the Financial Crimes Enforcement Network to impose possible reporting and perhaps other, more onerous requirements under the Bank Secrecy Act for…
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